DID YOU KNOW?
EMPLOYEE TURNOVER AMOUNTS TO ONE-FIFTH OF AN EMPLOYEES SALARY?
For an employee on 70k, that’s 14 k! … (as Sandra says, that’s a lot of shoes!)
The employment market is tough. Finding staff that mesh well with your team, have the right skills, and carry their weight can be difficult. A recent publication on the implications of a bad hire stresses the importance of getting your hiring process down pat.
The effects of a bad hire extend far beyond what you see on the surface and head into more serious realms.
- Loss of Customers: In 2016 approximately 59% of buyers did not return after a poor customer service experience.
- Theft or Fraud: 43% of lost revenue has been attributed to employee theft.
- Productivity Loss: Unhappy workers bring a decline to overall productivity and profitability.
- Stress: Heightened stress means drops in performance and attendance.
- Time Loss: Up to 8 weeks to back-fill Management positions, 5 Weeks for Mid-Level staff
Training and company downtime costs employers up to $2,000 in retraining costs depending on the size of their business (especially if hiring someone new to the industry).
Reading resumes, screening and face-to-face interviews all add into your time, not to mention Advertising costs (approx. $300 per ad).
Putting a plan in place to avoid these pitfalls and inconveniences is vital.
If this all seems too hard, we are here to help. Contact us today!