The hidden cost of hiring

The hidden cost of hiring

Staff turnover equates to massive revenue losses for an organisation regardless of employment level

Research estimates the cost incurred at approximately 150% of an employee’s salary — and as much as 200%-250% for a sales or management position (Bliss and Associates, 2000).

These costs include:

• Advertising and recruiters’ fees
• Lost productivity
• Cost of induction and training
• Lost sales and revenue
• Loss of knowledge, skills and client-base
• Loss of investment in previous employee training, external academic programmes, seminars and conferences
• cost of temporary staff while the position remains vacant

Recruiting and retaining high quality staff should be a top priority for organisations.

To get the best from your human capital, it is vital you employ the right person for each role and provide the rewards and opportunities to keep them! Selector’s web-based assessment tools help you make better people decisions.