Employee turnover has adverse effects whose impact is much more than the strain of acquiring new talent. The sheer cost of replacing an employee who has been doing well and adding value to the company is hard to quantify. Therefore, retaining employees who bring value is always a great option compared to hunting for talented candidates who will contribute to the company’s future success.
Having trouble finding the right fit for a particular role? Have you onboarded several people in the recent past and most of them have stated that the role did not turn out to be as expected? If the answer to either of these questions is yes, then the first thing to ask oneself is - When was the last time you updated the job description which has been posted on multiple job portals. If the answer is you don’t remember or a long time back - then here lies the root cause of your problems.
When was the last time you watched an employee hired by you walking out abruptly on the company, or even worse, getting fired? Not very long ago, right? Were you made to feel accountable and criticized by your higher-ups for the poor hiring decision made by you, or least embarrassed in a forum?
The cost of a bad hire can reach up to 30 percent of the employee’s first-year earnings. Not to mention the endless managerial hours and duress of having to monitor their work and behavior. Getting good results from a bad hire is simply not the kind of challenge that managers want thrown their way, given its toxic nature.
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