Hiring right

I was having an interesting conversation yesterday with a client about team member retention. And I was telling the client that team member retention is important for team moral and organizational culture. I recently heard a statistic about failed team member hires and the cost associated with it. By some estimates a failed hire can cost upward of 40% of the annual team member salary with a minimum cost of 20%. So if a team member is being paid $50K annually a failed hire can cost between $20K and $10K. Those are big numbers for organizations whether they are big or small operations. Hiring right is a challenge for all organizations but having a team member acquisition strategy helps a lot. ​