The process of replacing an employee is costly: between advertising, productivity lost both for the employee and those doing the hiring and training, the costs mount quickly. According to Annie Mueller, “even an $8/hour employee can end up costing a company around $3,500 in turnover costs, both direct and indirect.” When looking at an executive-level position, the cost is even higher. “According to Eric Koester of MyHighTechStart-Up, ‘estimates range from 1.5x to 3x of salary for the 'fully-baked' cost of an employee—the cost including things like benefits, taxes, equipment, training, rent, etc.’”
Given the significant investment of hiring new talent, it’s vital that employers are strategic in their approach in order to make the process as efficient as possible and hire the right person, avoiding redundant turn over. When hiring an executive search firm you are enlisting experienced professionals with a proven track-record of quality selections who are utilizing a carefully honed process. Next time you are in need of additional talent, don’t risk the costly mistake of wasting time or hiring the wrong person. At Hyatt-Fennell, we’re here and ready to help.