The Cost of a New Hire

Hiring new employees should be exciting, whether the reason for the hire is to replace a worker who is leaving or because the business is growing. Any change in staff has the potential to bring change to the business as a whole since the new hire will bring fresh ideas, different experiences, new personality and more. The trick is to find someone who sparks positive change and this can be where the hiring process goes from exciting to nerve wracking for business owners.

The is a lot at stake when you bring a new person on board beginning with the cost of finding that person. Money may have been spent on advertising the position, incentives to employees for referrals, not to mention the price of time you spent reviewing resumes and conducting interviews. Once the person is hired, someone must assist with new hire paperwork and training, supplies must be acquired, and work time is often lost as employees take time out their day to get to know the new worker and offer some help.

Quality of work is another concern. Will the new hire produce high quality work from the start or cause some bumps in the road?  Does the new hire get along well with others or has morale dropped?

The fact of the matter is that hiring a new employee is a costly endeavor. Be sure to look at the total package when making your decision. You want a person who will fit into the culture of your business and help propel it forward.  There is more at stake than just the salary you pay.

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About the Author, Megan Capobianco

Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.

Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advise from National Business Capital & Services and the author. Do no rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely in this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there maybe errors, omissions, or mistakes.