Employee turnover is expensive—more so than you might think.
According to a recent survey by the Society for Human Resource Management, the average cost-per-hire is $4,129. However, turnover costs can vary depending on the length of time it takes to fill the role, the importance of the position to the employer, and the employer’s industry. Some costs are easily calculable, such as those of recruiting, hiring, and onboarding. Other costs can be difficult to measure, such as the impact of a termination on employee engagement. Easily measurable or not, all these costs hurt your bottom line.
The best way to minimize employee turnover is to hire right the first time. You can’t leave finding and keeping the right people merely to chance. With the proper recruitment, hiring, and onboarding procedures in place, you bring in the people who are most likely to stick with you long term and stay engaged throughout their time with your company.
What are those procedures? Our webinar – Hire Right the First Time – has the answers. We’ll go over the fundamentals of an effective job description, the basics of screening applicants, the best practices for interviewing them, and much more!