Accuchex Blog

Business owners are always striving to keep costs down while looking to generate greater profits. But one of the areas of cost that is often miscalculated is the cost of employee turnover. And it is greater than you think.

According to work management company Wrike, employee turnover is costing U.S. companies over $160 billion a year. And Harvard Business Review notes that high performing employees can deliver up to 400 percent more than the average co-worker. Consequently, the loss of a high performing worker can vastly increase the costs that result from their departure.

Every business must recruit and hire employees, especially when that business is growing. Because hiring employees is such a major investment and risk, smart employers are always looking to improve their approach.

Hiring new employees is a critical part of being a business leader, and it involves much more than simply looking over resumes and conducting interviews. The truth is that hiring good employees can make or break your business.

Recruiting new hires involves risk management, as well, since the investment in time, resources and money can be quite high with each new employee hired. In addition, you have to manage the expectations of the candidates along with that of management and even the prospective employee’s co-workers.

Unfortunately, there are many mistakes and oversights that employers can make that could deter good candidates, or lead to poor hires.

Improving economic indicators, lowering unemployment rates, and a notable surge in business growth and expansion means more hiring. But, for many companies, the hiring process could use some help.

In larger companies, the HR staff is often responsible for a number of the recruiting and hiring functions for new employees. While there are some aspects of these functions that are fairly universal and never really change, there are other aspects that should change or even be added to the process.

One of the most costly investments for any business, especially SMBs, is a new hire. And the process of bringing on new employees is one of the most critical steps in retaining your investment.

Finding, recruiting and hiring a new employee can be a time-consuming and even costly venture that is often fraught with uncertainty. Despite the advent of recruiting software, apps and online services, finding the right fit for a position and your organization is challenging.

How do you manage millennial employees to leverage their strengths while figuring out what they need to be successful and motivated at work?