Businesses are working to become more efficient and customer focused as they search for additional ways to be profitable.
According to the US Bureau of Labor Statistics (BLS), a wrong hire costs companies about 30% of their first year's salary. Tony Hsieh, the CEO of Zappos, noted his company lost over $100 million on bad hires. About 65% of employees are not engaged - not enthusiastic about and committed to their work and workplace, according to recent Gallup studies. And, it says the manager or team leader accounts for 70% of the variance in team engagement.
Engaged workplaces: (Median percent differences between top-quartile and bottom-quartile units were)
- 23% are more profitable
- 81% have lower absenteeism
- 41% have higher quality
- 28% are lower in theft
Conclusion - bad hires cause disengaged workplaces and disengaged workplaces are extremely costly.
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