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Getting it Right the First Time

Date: 05/08/2006 | Category: Business | Author: developers

Business owners know it can get costly when the wrong person is hired for a job. Just how much has now been determined by a survey conducted by Right Management. A survey of 444 companies found that…â€?it costs an average of 2½ times an individual’s salary to replace an employee who doesn’t work out, including recruitment, training, and severance costs, and lost productivity.   More than 4 out of 10 organizations (42%) said it costs at least three times the employee’s salary.â€?

Other consequences include:

– Lower employee morale (68%)

– Decreased employee productivity (66%)

– Lost customers/market share (54%)

– Higher training costs (51%)

– Higher recruitment costs (44%)

– Higher severance costs (40%)

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