The cost of hiring
A recent Harvard Business School survey found that it takes an average of more than six months for companies to see a return on the investment they made in a new mid-level manager, according to Investopedia.
Employee recruiting, training, salary, benefits and workplace integration all contribute to the cost.
With regard to recruitment, many components that are fairly inexpensive on their own can quickly add up, for example background screenings, advertisement and the time cost of an internal recruiter.
The same can be said of training - which includes orientation, on-the-job training and continuing education - and workplace integration, i.e. providing the employee with necessary equipment and resources, the news source explains.
According to business advisor William Bliss, new hires do not typically reach full productivity until the five-month mark, which results in additional lost productivity costs on top of the other expenses.
Despite many companies balking at the additional expense associated with expanding their workforce, CareerBuilder’s recently released 2011 Mid-Year Job Forecast found that the number of companies looking for full-time, permanent staff rose from 28 percent in 2010 to 35 percent this year.
Employee recruiting, training, salary, benefits and workplace integration all contribute to the cost.
With regard to recruitment, many components that are fairly inexpensive on their own can quickly add up, for example background screenings, advertisement and the time cost of an internal recruiter.
The same can be said of training - which includes orientation, on-the-job training and continuing education - and workplace integration, i.e. providing the employee with necessary equipment and resources, the news source explains.
According to business advisor William Bliss, new hires do not typically reach full productivity until the five-month mark, which results in additional lost productivity costs on top of the other expenses.
Despite many companies balking at the additional expense associated with expanding their workforce, CareerBuilder’s recently released 2011 Mid-Year Job Forecast found that the number of companies looking for full-time, permanent staff rose from 28 percent in 2010 to 35 percent this year.
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