The U.S. Department of Labor says the cost of a bad hire can reach up to 30 percent of the employee's first-year earnings. The Undercover Recruiter reports bad hires can cost $240,000 in expenses. Those are broken down into costs related to hiring, pay and retention. (Source: https://www.hrexchangenetwork.com/hr-talent-acquisition/articles/poor-hiring-costs-by-the-numbers/amp)

The saying “an ounce of prevention is worth a pound of cure” applies well in the process of determining one employee hire over against another. If a company hires an employee who’s a “culture fit” but isn’t genuinely suited for the role, they will experience financial, organizational, and cultural misery in trying to make that employee fit or develop skills they don’t have… and worse, in trying to regroup when that employee likely leaves.

The financial ramifications of a bad hire are just the tip of the iceberg when it comes to overall impact. Preventing a bad hire, or a hire that could quickly become unhappy due to salary and pay issues (which usually rank near the top for employee experience), can be a cultural matter of life or death. “Chief financial officers actually rank a bad hire’s morale and productivity impacts ahead of monetary losses. Why? A bad apple spoils the bunch, so to speak. Disengagement is contagious, which may be why employers can’t seem to defeat it. Since Gallup began tracking employee engagement in 2000, less than one-third of U.S. employees report being enthusiastically involved and committed to their work. Then, when a disengaged hire doesn’t pull his weight, good employees get burned out making up for it. I once hired a function leader who didn’t plan well and generally disrespected other team members’ priorities.” (https://www.forbes.com/sites/falonfatemi/2016/09/28/the-true-cost-of-a-bad-hire-its-more-than-you-think/)

Complicating matters further, the cost of a bad hire lingers far beyond their poor experience on the job and their departure. The costs of recruiting, retraining, and bringing a new employee to 100% productivity relative to the old hire are astronomical.

Arte Nathan, founder of The Arte of Motivation, a human resources advisory service based in Las Vegas, summarizes it this way: "The cost of a bad hire is always extensive. Most companies don't know the full cost of the turnover, so they don't apply the resources upfront to avoid it. If you make a bad hire, there is a ripple effect among all who work for you, your product and your product quality."

This is why Argyle’s resources are invaluable for companies seeking to gain crucial insights into their candidates’ experience, pay, skills, and other items as part of their evaluation process. If a company doesn’t understand a candidate’s salary expectations from previous work, and they negotiate upon a slightly unfair (to the candidate) salary, then the now-employee will have difficulty reconciling the extent of their work demands with their previous position’s compensation, and this could create friction.

If your business conducts income and employment verifications, Argyle is ready to offer a cheaper, faster and more granular way of accessing the information you need to run your business in a drastically more efficient way. Argyle understands that researching multiple candidates can create undesired delays in the hiring process, and that these delays are some of the main reasons companies rush to make hires in the first place. So they have designed a platform that addresses and simplifies many of the major research issues that can slow down a hiring team (salary research, work history, etc.). Instead of going to a candidate’s previous employer and trying to gain this information firsthand, Argyle supplies these links directly.

Founder Shmulik Fishman explains:

“Verification of a person's employment and income is nothing new. Governmental agencies, as well as businesses (from lenders to insurers to employers themselves) have been conducting these verifications for as long as documents have been falsified. The most basic way to conduct this type of verification is to communicate with the employer directly and just ask. Said another way, If 'Sara' is applying for a loan from 'Bank A' and Sara states that she makes $55K a year working at the Olive Garden, Bank A will contact the Olive Garden and make sure Sara's claim is valid. The volume of these verifications is immense; estimates suggest that at least $100B is spent on this type of claim each year. This demands a lot of personal interfacing. So, ancillary businesses [such as Argyle] have been created to facilitate this process.”

Recruitment, screening, and candidate research is a time-consuming, risky effort that can drain financial and human capital from any company. Argyle makes this process easy and straightforward… so you can select and develop exactly the right people for your needs.

Argyle also helps to auto-populate applications.

Before, there was limited available information about applicants. With Argyle, you can generate a complete profile sourced from gig platforms or employers, and you can use employment or gig platform data to auto-populate applications and profiles. As your customers sign up for your product or service, manual data input degrades user experience, decreases conversion rate, and leaves room for human error. Argyle provides an automated way to fill up applications, profiles, and resumes by sourcing proved granular data from gig platforms and employers.