There’s one word that makes C-level executives, human resources departments, operations personnel, sales teams and financial staffs shake with fear: Turnover.
When a new hire doesn’t work out, stress ripples throughout the organization. When it happens more than once or repeatedly, the effects quickly become a tidal wave of profit loss, decreased employee engagement and revenue growth. Turnover affects almost every aspect of a business. And yet these tangible costs, substantial as they may be, really only represent the tip of the iceberg. Hiring mishaps can hurt morale, productivity, brand image and customer relationships. If your company acquires the reputation of having heavy turnover, it will be challenging to attract good applicants, hurting your future.
The infographic below, What Are Bad Hires Really Costing Your Business?, provides a high-level overview of the costs of bad hires, why it happens and how to fix it. For new companies, it’s an excellent place to start putting together a solid recruiting team and interviewing process. For everyone else, the infographic serves as an excellent reminder and useful in-house training tool. Read on to learn more.
Infographic by Torch Group