Hiring & Promotion Mistake Cost Calulator

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Attracting, recruiting, hiring, training, promoting, coaching and mentoring employees is awfully expensive. But do you have idea what all of those hiring or promotion mistakes are actually costing your company?

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Hiring & Promotion Mistake Cost Calulator

  1. 1. Hiring & Promotion MistakePEOPLE. PERFORMANCE. PROFITABILITY. Cost Calculator Hiring Costs $ ‰‰ Cost of hiring someone without the necessary skills. (i.e. a failure from day one) ‰‰ Cost of hiring someone with significant character defects. ‰‰ Cost of hiring a criminal. ‰‰ Cost of the wasted time and energy going through the advertising, interview and hiring process. (It should take many hours and weeks to hire and train a new employee properly. 100% of that effort is wasted when that new hire leaves or is fired in the first 90 days.) ‰‰ Cost of the unemployment claim or frivolous lawsuit when you fire them. (Remember, most employee lawsuits are poor hiring decisions that never got better!) Retention of Good Employees $ ‰‰ What if they take other good employees/managers with them? ‰‰ What if they take valued customers or clients with them? ‰‰ What if they were top revenue generators? ‰‰ What if they spread ill will in the business community? ‰‰ What if they take proprietary information or institutional knowledge with them? ‰‰ What if they decide to start their own business and compete directly against you? Performance Management $ Consider the impact on your organization if employees were more productive - even if only by 1% ‰‰ Frequently managers are not 100% clear about what is most important to company leadership. ‰‰ Chances are nobody enjoys doing or receiving performance evaluations. ‰‰ Chances are your performance evaluations don’t improve performance. ‰‰ Chances are your performance meetings could be more fun and effective. ‰‰ Chances are you haven’t developed Standard Operating Procedures (SOP’s) for your sales program. Team work $ ‰‰ Loss of productivity resulting from poor team chemistry ‰‰ Team members exclude other team members ‰‰ Team members take credit for other’s contributions Total Costs Cost of Employee Benefits $ Additional revenue required to cover Bad-Hire costs $ www.peakfocuscoach.com Peak Focus LLC © 2008-2013 • All rights reserved. Unauthorized duplication in whole or in part without permission is prohibited.
  2. 2. PEOPLE. PERFORMANCE. PROFITABILITY. About Peak Focus, LLC People. Performance. Profitability. Peak Focus gives you the tools to grow, develop and strengthen your team. With a mix of resources that we’ve created ourselves, as well as several powerful tools we’ve carefully assessed and believe in, we combine our passion and experience to guide companies and individuals toward optimized performance. Select your team members with confidence, help your key players develop their soft skills, and learn how to coach your entire team more effectively by engaging the experts at Peak Focus. For more information and access to free resources, please visit our website at www.peakfocuscoach.com Engage With Us Free tools, resources & updates LIKE us on Facebook Check out our blog Follow us on Twitter Follow us on LinkedIn www.peakfocuscoach.com Peak Focus LLC © 2008-2013 • All rights reserved. Unauthorized duplication in whole or in part without permission is prohibited.

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