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Making a wrong hire can be an expensive mistake, both for you and for your company. It costs between three and six times the person’s annual salary if you hire someone and that person doesn’t work out over time. Where do these numbers come from? They are made up of several factors:

①- The number of hours that you and others have to invest to sort through candidates and find the right one to hire in the first place.

②- The cost of training and integrating people into your activities before they are really capable of contributing any value to your business. This effort can take two or three months, or even longer.

③- The salary and benefits that you pay people while they are learning how to do their job.

④- The time and the cost of the supervision, and the salary and benefits of the supervisors, which have to be included.

⑤- The low level of productivity from a new person that is almost unavoidable in the early months.

Example: One employee x (Investing hour from other parties during hiring process * training courses * salary and benefits offered * time and the cost of supervision * lower productivities cost and affect in the future) = xxxx?

When a person works for you and leaves after six or twelve

months, for whatever reason, 100 percent of these investments in that person are lost. They are gone forever. They are irretrievable. There is no value left.

Now, as a result of hiring the wrong person, you have to start the entire process over again. Again, it takes time and money. This is probably why the most profitable companies seem to be the ones that have the lowest levels of turnover.

Companies at which there is high turnover, for whatever reason, tend to be less profitable than others.

The final loss has to do with employee morale. When there are high levels of turnover, people become demoralized. They started to work and interact with the new person, and suddenly that person is gone. They begin to wonder if their jobs are safe. They wonder if their management is competent. They wonder if there are fundamental problems with the company. They spend a lot of time talking and gossiping about the people who have come and gone. Productivity drops. When there is high turnover, there are lower levels of motivation and commitment. The whole company slows down motivation and commitment.

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Source: Brian Tracy, (2011) Full engagement! :inspire, motivate, and bring out the best in your people, P. 141