“Great companies are made from great employees”: We couldn’t agree more with this resonant statement from an infographic based on a Careerbuilder.com survey. The results of the survey captured the “true costs” of a bad hire, serving as an important reminder of the value of a good hiring process – and good employees.
According to the survey, 41% of companies surveyed said that a bad hire in the last year cost them at least $25,000, while 25% of companies surveyed reported that a bad hire cost them at least $50,000. How can companies avoid these unnecessary costs? And how can they retain and encourage the growth of good employees?
The infographic provides suggestions on how to hire the right employees and avoid these costs altogether from Jay Goltz, small business expert and blogger. Goltz recommends conducting thorough interviews, always checking references of potential hires, and giving an employee a great first day on the job.
In addition to these very important points on acquiring excellent employees, we believe it is equally as important to maintain and develop the skills, dedication, and potential of valuable employees. To do so, here are some tips from the infographic as well as some tips of our own:
- Make a Great First Impression on Behalf of Your Company
As Goltz recommends, making an employee feel comfortable and welcome on the first day will “help them feel confident that they made the right decision to work for your company.” This includes preparing their workspace in advance of their arrival, providing them lunch, and introducing them to their colleagues on the first day. These gestures will set the tone for your company, demonstrating that it is a great place to work that cares about its employees.
- Encourage Employees to Find Work-Life Balance
If employees feel the need to work constantly, they will soon lose energy and steam – and may leave your company. Keep up employee morale by encouraging work-life balance and providing options for employee health and wellness. This could include offering a corporate discount on gym memberships, ensuring that workspaces are ergonomically appropriate, or simply having a lunchroom or lounge where employees feel comfortable taking a midday break.
- Foster Employee Growth and Development
Demonstrate to employees that you are invested in their growth and development. This not only will benefit individual employees, but also your company as a whole when the skills and potential of your staff increase. For example, allow staff to attend conferences relating to their staff roles. Encourage them to join professional associations, which would lead them to resources, networking opportunities, or classes that will enhance their work. Engage staff in training or seminars that will help them increase their professionalism and presence.
- Focus on the Little Details
Sometimes even the simplest gesture can make a big difference. Let all employees know that they matter and that their work is valuable to the company. Small acts of kindness such as saying “thank you” to individual employees or praising their successful projects can have lasting and memorable effects. Or, provide catered lunch or breakfast once a month as a way to offer a small treat to employees.
As the infographic demonstrates, hastily hiring staff could result in bad hires – and serious costs to your company. Once you dedicate the time to acquiring excellent employees, ensure that you work just as hard to retain them!