It’s not uncommon for a friend or two of mine who have internship or entry-level experience to pout after a potential employer rejects them for positions that require two or more years of professional experience. They’ll say something along the lines of, “Why won’t employers take a chance on me? I’m talented. I can do that job.”
While I agree that my friends are highly talented in their fields of choice (and I entirely recommend taking a chance on them), understanding why employers are hesitant to take risks on young professionals is as easy as examining the infographic below.
The infographic created by Resoomay, a software service that allows recruitment agencies and employers to screen and interview candidates using video interviews, explores the baffling costs of making a bad hire. Check out a few of the infographic’s startling stastics:
- Between hiring costs; total compensation; cost of maintaining the employee; disruption costs; severance; and mistakes, failures, and missed business opportunities, an employer’s average cost of a second-level manager bad hire is $840,000.
- The average cost of a new employee (not including training costs) is $57,968.
- In 2009, estimates show U.S. organizations spent $125.88 billion on employee learning and development.
- For a small business with only 64 employees, the cost of turnover is just shy of $8,000.
Should potential employers take a chance on you despite the baffling costs of a bad hire? Tell us why in the comment section!
