Hiring a marketing executive is an important step in your company’s growth. As important as it is to find the right person to lead your entire marketing department during a time of unprecedented change, it’s also important to ensure that your new hire is around for the long run. More than ever today’s world is all about marketing and innovation. Do you have the best possible marketing executives?
Although there’s no clear formula for how much the wrong marketing executive will cost your business, there are several estimates.
- According to the U.S. Department of Labor, the average cost of bad hiring can be equal to 30% of the employee’s first year potential earnings.
- Jorgen Sundberg, the Undercover Recruiter, estimates the costs may be much higher. His calculation included the hiring costs, total compensation, cost of maintaining employees, disruption costs, severance and missed opportunities due to a bad hire. All in all for a second-level manager at a salary of $62,000 per year will cost a company $840,000 if they are let go after 2.5 years.
- 41% of respondents in a survey from MindFlash reported that a bad hire in their company in the last year has cost them at least $25,000.
Making the wrong hire can cost your company hundreds of thousands of dollars – it can disrupt your workflow, drive down employee morale and cause you to lose customers. The costs can be exacerbated when you’re hiring for a key leadership position – like a marketing executive.
That’s why the investment in working with a marketing executive search firm makes so much sense. With the high costs of hiring and rehiring on the line, working with a professional marketing recruiter to find your executive leader is the most cost effective solution.