What one wrong hire costs you
The paycheck is the bill you can see, and it is the smallest one.
Then come the months. You give it a month, because everyone needs time to settle in. You give it another, because you are not sure. You give it a third, because you hate the thought of starting over.
Then the checking. You read their work before it goes out, and you redo the parts that are wrong. You hired them to get hours back, and now you spend those hours checking their work.
Your team is watching too. They saw it before you said it out loud. Some of them pick up the slack, and they notice how long it is allowed to go on.
Then you start over: the ad, the interviews, the same questions, and the same odds, because nothing about how you interview has changed.
Leadership IQ tracked 5,247 hiring managers from 312 organizations and found that "46% of newly-hired employees will fail within 18 months, while only 19% will achieve unequivocal success." It happens a lot. That does not make it cheaper when it happens to you.
If you are hiring to get your own hours back, first work out what your hour is worth.