The Extreme Costs of Turnover

If you think the hassle of interviewing candidates to fill a vacant position is the only cost associated with employee turnover ─ think again. Earlier in the year we examined “The True Cost of Hiring,” digging into the sky-high price tag attached to employee turnover.

In the post, we noted that if you’re planning to handle your hiring internally, be prepared for each new worker to cost your company 150 percent of their annual salary, according to a 2012 article by Dun & Bradstreet Credibility Corp ─ and that’s the cost of hiring a good employee. The U.S. Department of Labor estimates the cost of a bad hiring decision can equal 30 percent of the person’s potential first-year salary.

You invest a lot of time and money into your new hires, so it’s important to get it right on the first attempt. When your employees are wasting time interviewing and training employees who aren’t going to stick around, they’re unable to keep their focus where it should be ─ on helping your company meet long-term objectives.

Lower Turnover by Working with a Staffing Partner

Tired of filling the same positions over and over again? Partner with a staffing firm to decrease employee turnover and increase efficiency. Some of the benefits of working with a staffing firm include:

  • Access to Top Quality Candidates: Staffing firms know where to look to find the best person for the job. Many top candidates are already gainfully employed, so they’re not checking job boards or your HR site. However, a recruiter has an extensive network filled with candidates like these, offering exclusive access.
  • Ability to Make Better Hires: Recruiters know all the right questions to ask to spot the best candidate for the job. They’re specially trained to separate those with the ability to do adequate work from those who will excel at the position.
  • Less Time-to-Fill: Many bad hiring decisions are made in haste, as companies are desperate to take on anyone capable of doing the job. When partnering with a staffing firm you enjoy the best of both worlds, as recruiters are able to tap into their extensive network to find the best person for the job ─ and fast.

Ready to partner with a staffing firm to reduce employee turnover at your company? Contact TalentBridge. Whether you’re looking for staffing, contract, temp-to-perm, or direct hire solutions, we have a “custom fit” solution that is right for you. We offer prescreened qualified candidates in the areas of Accounting & Finance, Mortgage Operations, Financial Services Back Office, IT, Office & Administrative, and Customer Care/Call Center.