Home Topics Leadership In this way you avoid the costs of employee turnover

In this way you avoid the costs of employee turnover

If you run a business or lead a team, you are likely to be affected by the effects of employee turnover. According to a Gallup study, losing an employee costs half to two times the employee’s annual salary. For example, a 100-person organization that pays an average annual salary of $ 50,000 could have a cost of sales between $ 660,000 and $ 2.6 million per year.

Not to mention the unquantified cost of losing someone extremely talented and culturally a good fit. Or worse, the pain of hiring someone who turned out to be not at all suitable.

Hiring and retaining good people is hard work. It’s important that you take the time to slow down and really evaluate each candidate to determine who is the best fit for your company. It can be tempting to want to hurry to hire someone. However, this could cost you in the long run.

When you find the right employee – one who is passionate and invests in the success of your business – you are set for long-term success. It’s worth hiring the right person the first time.

I keep getting the question: “How do I know who is the right size?” I have four key qualities that I believe will help you limit your candidates to the person who will help you take your team to the next level.

4 key qualities of great people

  1. Define exactly what Competencies The person has to excel in the vacant position. This starts by writing a clear job description detailing each job that you want that person to do. The tasks then define which skills are required.
    As you evaluate each candidate, check their resume and references and test that they have the required skills. This last point is often overlooked. Don’t just look at their portfolio. Assign them a project that will show you their skills. If the time required is outside of the time normally expected in an interview, you can offer to compensate her for the work. This small investment will pay off in the long run.
  2. Determine if they have it fitness for work. Are they teachable? Do they have the natural tendencies necessary to learn what you need to do when you go? For example, you can use personality assessments to better understand what natural talents they have. We use the Kolbe rating. You want to hire someone who is thoughtful in their role.
  3. Assess whether the candidate has a good attitude. This can be more difficult to determine, but it is a critical quality. I encourage you to develop a series of behavioral interview questions designed to test attitudes. It is also helpful to have more than one person interviewing candidates and asking these types of questions. This is also a property that their references can give some insight into. Ask more than just what tasks they did. Ask about the way they made it.
  4. Evaluate the candidates character. You want people you can trust. A good attitude is one that you know will ensure the integrity of the company. Again, take the time to slow down and really evaluate each person’s character. You can ask them questions about different scenarios and how they would react to them. You can also ask them to provide previous examples of when their character was tested and how they reacted. I recommend that multiple people ask these type of questions as they may react differently to people they consider a peer or a boss.

Before meeting with potential employees, consider the following characteristics and write down who your ideal candidate would be. This will give you a specific document to refer to during the interview process.

The hiring process can be overwhelming. Slow down and take your time to find the right person for the job. Trust me you won’t regret it.


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