Making the wrong hire is expensive. Dr. Bradford Smart, lecturer, business consultant, and the author of Topgrading, estimates that cost of a mishire is at least from 5 times the amount of the new hire’s salary. In some cases, the cost can even be as much as 27 times the employee’s salary!
The Cost of a Mishire
The financial costs of a bad hiring decision are easy to see. You’ll see them in:
- Recruiting costs
- Training costs
- Decreased revenue due to lost sales
- Decreased revenue due to lost productivity
But the cost of a mishire is not just financial. Making a bad hire can lead to a decrease in customer satisfaction, reduced customer loyalty, a loss of credibility, and lost market share.
Simply put, each mishire you make comes with a big price tag.
How to Improve Quality of Hire with Smart Video Interviews
Obviously, no one sets out to make a bad hiring decision. But when the average corporate job posting receives 250 applications, it can be difficult to wade through all of those resumes and determine who is the best fit. Most hiring team members have multiple responsibilities, and they can’t spend all of their time poring over cover letters, dissecting resumes, and researching candidates to discover who to shortlist.
That’s where Interviewer.AI comes in. Our smart video interviewing platform assesses your candidates’ soft skills through the evaluation of key success factors identified by Industrial and Organizational (I/O) psychology heuristics. The platform is able to analyze facial expressions, tone of voice, and body language to determine which candidates you should focus on as you continue the hiring process.
Through this combination of I/O psychology heuristics and machine learning, we are able to rank your candidates so that you can focus on top talent right off the bat.
If you’re ready to see how Interviewer.AI can improve your hiring process, sign up for a free trial today (no credit card required). You’ll have full access to the platform, so you can see firsthand how we help you prescreen candidates, get deeper insights into each applicant, and schedule interviews with ease.