Cost of Hiring New People

All the work that goes along with screening and hiring a new employee when an old one quits can carry a hefty price tag. The average cost per hire is a hefty $4,129, according to the Society for Human Resource Management’s 2016 Talent Acquisition Benchmarking Report.

You’ll need to factor in the cost of advertising for an open position, the cost of the time it takes to interview candidates (and their transportation costs if you want to consider out-of-town candidates), the cost of background checks and the cost of training materials and time spent training.

Keep employees from quitting by checking in with them regularly and ensuring they have what they need to be successful and feel valued by the company.