A recent SmartCompany poll indicated 67% of business owners admit they make mistakes when hiring, and this can be costly.
According to Workplace Info the cost of someone leaving your business within the first 12 months is worth upwards of 50% of their annual salary. For those earning more than $150,000 a year that number climbs to 66%. For many businesses, this is not an insignificant amount.
Moreover, the effects of bad hiring can have a trickle-down effect, with staff morale dipping and productivity dropping as a result.
When you consider the real costs – be that time, energy or cash – of hiring people or losing staff, it stands to reason that recruitment, and retention, is something small businesses must get right.
This is why SmartCompany is conducting a major survey, so that we can provide insightful articles to help your business thrive.
For everyone who completes the survey, we’re offering a $300 voucher from our partner Performia, to help you take a step back and review the productivity and performance of your team, and the processes at play behind some of your most important decisions. Plus, one lucky entrant will win a $4500 Performia voucher to transform their business.
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Small and medium businesses and startups have never needed credible, independent journalism and information more than now.
That’s our job at SmartCompany: to keep you informed with the news, interviews and analysis you need to manage your way through this unprecedented crisis.
Now, there’s a way you can help us keep doing this: by becoming a SmartCompany supporter.
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