When an employee leaves a company, it not just time-consuming and burdensome, but it is also expensive. Consider the costs associated with the departure of a team member. First and foremost, there are time, effort, and resources dedicated to recruiting and backfilling the vacancy. This includes costs associated with advertising the position on Linkedin, recruiting and interviewing candidates, and subsequently onboarding and training a new hire. There are costs associated with lost productivity, not to mention the cost of the knowledge and experience that walks out the door. Colleagues may need to step in and temporarily backfill the role, which has costs associated with reduced productivity across the organization. Finally, it can take a new hire months to get fully up to speed and productive in his role. In a study conducted by the Center for American Progress, the cost of losing an employee may be up to 213% of the salary for a highly-trained position. For example, if an executive is making $120,000 a year at your organization, your true loss could be upwards of $250,000. Clearly, it is critical to make the right hire the first time.
How can organizations make the best hire? In working across leading Fortune 1000 organizations, I have come across some key factors that trend in organizations with reduced attrition rates.
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Kerry is responsible for talent acquisition and management at WGroup, where she blends her skills in recruiting, marketing, selling, and operational leadership to fulfill client demands. Prior to WGroup, she served in marketing-management positions at leading technology companies such as Apptio, Qlik, Siemens Enterprise Communications (now Unify), and SAP.