THIS MISTAKE WILL COST YOU $5,380… WITHOUT YOU REALISING IT.

Your people. They’re your biggest asset. Also, your largest expense. But we’re not talking about salaries here. As you’re starting to settle into the new quarter, you might be toying with the idea of hiring additional employees. 

While this is a great position to be in, it’s not something to be rushed or left in the hands of an untrained ‘human resources’ person (who really is your administration manager). 

We know you’re busy, but it’s not the employee that’ll cost you thousands, it’s your hiring process. While there’s no shortage of conversations about unemployment rates and a lack of skills, employee turnover is a costly topic that doesn’t garner enough attention. 

The reality is, we’re not hiring new staff properly.

Voluntary turnover is costing us millions, according to Deloitte. They released a study showing smaller companies spend on average of $5,380 per new hire, which is more than larger companies. What does this tell us? Two things: 1) We’re not hiring correctly; and, 2) smaller companies don’t have adequate procedures in place. 

Create a hub for hiring. 

If you run a smaller company, you might not have the budget to hire a HR Manager or recruiting company. In this case, take the time to build a process around your talent sourcing. Begin by pooling your current documentation from past hires in one place. Compile all relevant information such as job listing websites, position descriptions, the gaps in your organisation (and how a new employee can fill them), and your ‘numbers.’ 

Before you start promoting a job vacancy, craft your hiring steps. Estimate a timeframe for each stage. Then, determine your onboarding process – something that has been proven to help retain good talent. 

Look at hiring as a company-wide initiative. The journey should be clear, communicated, and documented, with everyone involved. And we know just the right tool to help you get to know your prospects beyond the resume: Tick’s personality profiling tools. 

The test results are also beneficial in your onboarding strategy to keep your employees engaged. So, before you jump right into orientation-mode and overwhelm your new staff with data, procedures and ROI-talk, use this time to emotionally connect with new hires – using Tick’s personality questionnaires. 

The remedy for job-hoppers? 

We love these numbers: 

• 69% of employees are more likely to stay with a company for three years if they experienced great onboarding 
• Companies who journey new employees through a structured onboarding program were 58% more likely to create loyalty to the company 
• And, experience a 50% greater new-hire productivity. 

Implement Tick’s personality tests in your hiring (and onboarding) process. Start today by arranging free samples for your team.