One formula estimates that the total cost of a hiring mistake amounts to 24 times the applicant's annual salary.

Question

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This formula is commonly used in HR and recruitment to emphasize the importance of making the right hiring decision. Hiring mistakes can have a significant impact on a company's finances, productivity, and reputation. Therefore, it's essential to invest in a thorough and effective hiring process to minimize the risk of making a costly mistake.

One Formula Estimates That the Total Cost of a Hiring