Communications

Your employees among your most important assets, but hiring and keeping the right group of employees can be challenging for small businesses. The cost of hiring, training, and retaining employees can add up. For example, the entire interview process takes an average of 24 days, and the average cost of a bad hire equals 30% of that employee’s first year potential earnings. Small- and mid-sized companies spend $1,888 on training and development, on average, per employee. The average cost of employee turnover is 33% of the worker’s annual salary. Regardless of your size, developing your team requires being strategic in how you recruit, select, on-board, train, and retain employees. A well-planned hiring process ensures you have the right employee who fits your business. The better the hiring process, the greater the likelihood that your employees will stay with your business.