The Cost of a Bad Hire

Productive Practice Mindset

When the team building process goes wrong, it goes really wrong.

1 in 5 civil lawsuits are filed by a current or a former employee.
Employees make up 20% of all lawsuits.
The cost of a bad hire is estimated to be 150%–300% of their annual salary for each year that they are employed.

Imagine having a bad hire who has worked for you for two years. Let’s say it’s a dental assistant who makes $40,000/year; this means that the potential cost of that hire not working out is $120,000.

At any given time, 15% of practices are in some kind of crisis mode. In fact, one common crisis is being in litigation. Litigation is difficult. It’s heart-wrenching. It’s anxiety producing. It can drain an awful lot of hard work and effort in a very short amount of time.
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When my kids were little and they wanted something expensive, I would say, “You want that? That’s how much?”
Then I’d say, “That’s a lot of fillings.”

Of course, they all laugh about it now. I don’t think I would say that to my kids today. I’d want them to have more of an abundance mentality.

At the time, that was where my head was, so that’s why I said, “$120,000. That’s a lot of fillings.”

Excerpted from The X Factor: How to Build Your Dental Dream Team