When a single new hire isn’t the best fit for the position or for the company, organizations can chalk it up to bad luck. You didn’t hire the right guy, so what? It happens. But when new hires are continually not working out and your turnover numbers are high, stress ripples through the entire organization. If your company earns the reputation of being a revolving door of new hires and fires, your chances of attracting talented job candidates will be greatly reduced.
Turnover affects almost every aspect of a business, including tangible and significant costs such as squandered payroll expense, litigation, wasted training dollars, wasted onboarding dollars, and much more. And yet these tangible costs, substantial as they are, really just represent the tip of the iceberg. The average cost-per-hire in the US is over $4,000 so establishing a standardized, documented hiring process is essential. For more on how to keep your business from making hiring mistakes, check out the resource below!