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Starting a business is an exciting endeavor. You finally have
something you can call your own, and grow it from infancy to a money-making
machine. But once you’ll filed all the paperwork, chosen the right business
entity, and are confident about your product or service, it’s time to start
thinking about putting together the perfect team. Unfortunately, the third most
common reason that businesses fail is because they don’t have the right team.
A common mistake among businesses is that, once they’ve received funding, they make rash decisions about where the money will go. For example, refinancing your house with a bank statement loan offers the benefit of receiving money even if you do not have the necessary documents for a traditional business loan. However, once you’ve received the money that will aid your startup efforts, the next few moves can make or break the business quickly.
When it comes to
determining the cost of hiring the wrong team, it’s important to consider the
monetary losses. Many people don’t realize exactly how costly making a bad
hiring decision can actually be. According to CEO of Zappos, Tony Hsieh, bad
hiring decisions costed his company an estimated $100 million. Here’s what you
need to know about the real cost of hiring the wrong team members:
Why
Bad Hiring Decisions Are Made
One of the most common reasons why people make bad hiring decisions is because they hire too quickly. There are several costs associated with bad hires. In addition to the compensation you have to pay for the hire, you also have to consider hiring costs, the cost of maintaining an employing, severance, benefits, and the cost of failures, mistakes, and missed opportunities. For example, if you hired a management-level employee with a salary of $68,000, after 2.5 years, the termina… Read More
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