Summary
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Hiring a merely mediocre employee can be costly. Hiring the first available employee instead of the best available can be even more so. How costly? The Wall Street Journal reports the total cost of executive employee turnover ranges from a low of 50% to 60% (The Hay Group) to 100% to 150% (Hewitt Associates) of the employee’s yearly salary. These expenditures include training costs associated with new hires and the price of recruiting efforts required to replace employees.
Either way, the costs can be considerable. Factor in the time spent training a new employee and bring he or she up to speed, and you can quickly extrapolate out the collateral costs involved in merely losing one employee, let alone several.
To stop picking up hitchhikers and start hiring some talent who’s willing to buckle up and stay the course, employers need to get real about their expectations with employees from day one.
If we were to view your company’s employees as weary travelers along the hiring highway, with three or four employees sticking out their thumbs and hitting the road every year and only one or two getting hired to fill those empty slots, how vacant do you think your office is going to look by this time next year?
Employee loss is just like those empty corner offices; it creeps up on you, slowly, surely, until one day you look in your rearview mirror to find an empty floor and a company in steep decline because of a dried-up talent pool. The only way to keep those offices full – and your hitchhikers from dusting off their thumbs – is to get to know both of you a whole lot better.
Here is where you start.
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About the Author
With over 20 years experience in the food and hospitality industry as a human resources consultant, pastry chef, and award-winning entrepreneur, Orrick has developed professional relations with many executives in the industry.
He manages his own consulting practice in conjunction with Dick Wray Executive Search where he consults C-Level executives with Human Capital issues. Orrick understands the importance of helping companies build great teams in today’s changing marketplace.
Orrick earned a Bachelor’s Degree from Miami University in Oxford, Ohio and Associates Degree In Occupational Studies from The New England Culinary Institute in Essex Junction, Vermont.
Orrick resides in Raleigh, NC with his wife, Kristen, and their two children.