The right hiring choice can bring huge benefits to the growth of a life sciences company. How can you make the best decision while saving time and money?
In Europe, a bad hire costs employers an average of almost €60,000, starting with a minimum of €6,000 that rapidly escalates with the seniority of the role and can represent up to 150% of the employee’s salary. The damage doesn’t stop there. Indirect costs from hiring the wrong person include productivity loss, lower morale, reduced work quality and customer dissatisfaction. The performance of the rest of the employees will be affected even long after the problematic person is fired.
All this trouble could be avoided by improving the recruitment process, since 80% of employee turnover is directly caused by bad hiring decisions. Improving recruitment practices and getting expert help can definitely be a sound investment. We talked with the expert team at Seuss Recruitment to understand what are the key factors to a good hire in the life sciences industry.