Thanks for tuning into the FineAwards.com recognition and retention roundup. Although you might feel the stress of having to replace employees, do you know just how much the search for new staff is costing your company? Aside from a large portion of your time, there are a number of ways employee turnover impacts your business.
Many people don’t realize just how expensive it is to attract and interview prospective candidates. Whether your human resources professionals are in charge of finding new hires or you use recruiters or headhunters, you need to cover the costs associated with whoever is in charge of this process.
Additionally, interviewing is a costly process. If you pay travel expenses, this can be a huge financial investment. Even if your potential hires are local, taking the time from your day to read resumes and meet with people causes you to lose valuable work time. Overall, it can end up costing your company as much as 400 percent of a worker’s salary to find a suitable replacement.
Recognition is a small price to pay. Thanks for watching, and stop back soon for additional information.