It is not as expensive as hiring the wrong person.
As you iterate, your win percentage (AKA how many people you bring in and actually hire) goes up. We got to a point where we hired 75% of the people we brought in to the office.
Having built & led many teams, the time and energy that goes into managing an underperformer or a poor culture fit far outweighs the cost of thorough interviewing.
Even worse, you have to go through the hiring process again! So we can at least say it costs twice as much.
As mentioned, this kind of investment in the hiring process requires you to actually iterate it and continuously improve your win percentage. If not, you might be throwing money away.
