Hidden Cost of Staff Replacement
The cost of replacing staff is far higher than you realise. The cost is in the tens of thousands of dollars. This cost is made up of many factors such as resource needed to retrain the new employee, external training, the disruption to your business and clients, the added downtime, the loss of relationships, critical process , key knowledge or client information not passed on. Lost business opportunity during training which results in a loss of profits. Add to this advertising for the role and recruitment resource and the cost becomes a major concern, so make sure you employ the right person the 1st time.
To gain a more accurate understanding Building Recruitment has found an independant calculator to work out the costs involved.
Follow this link to find out more and remember if you are looking for new staff make sure you do it right the 1st time or the costs can cripple your business.
Other topics of interest: