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February 26, 2024
Using the Cost of Bad Hire to Demonstrate Talent Acquisition Value to the Business
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Knowing Your Cost of Bad Hire = Demonstrating Business ValueIn order to demonstrate the true value of the Talent Acquisition department, and todemonstrate how much money it can save and make for the company given the appropriate resources to do its job effectively, you better know your own company numbers and be able to break it down for the business.Speaking in $ can get your department more $.Highlight the financial strain bad hires cause the businessIf you used our Cost of Bad Hire calculator, then you are already aware of the substantial costs bad hire cause your business. You can utilize these numbersto highlight this financial strain to the business. Here are 3 ways you can utilize these numbers to your advantage. on the actual components of the calculation:

1. Monetizing Talent Acquisition Work :
Suppose you enhanced your hiring practices this year compared to the previous one.
To showcase the monetary savings to the business, simply calculate the difference in the number of bad hires between the two years.
The financial impact on the business will become evident.

2. Making the business case for additional resources :
If you aim to refine your hiring processes through new technologies or by bringing
onboard more recruiters, juxtapose the expense of these added resources with the cost of bad hires.
This will provide a compelling rationale for the investment.

3. Raising Awareness Among Hiring Managers: Many hiring managers don't view
recruitment as a primary aspect of their role.
Consequently, they may not allocate enough resources to hone their interviewing skills and might approach interviews without proper preparation.
By illustrating the potential financial savings of adopting a more structured
hiring approach, you can influence them to reevaluate and adjust their tactics.

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