Turnover is costly! The U.S. Department of Labor estimates that employee turnover costs a company at least one third of a new hire's annual salary. At an annual wage rate of $30,000, turnover costs a company $10,000 for each departing employee.
It has been estimated that the loss of a highly compensated employee could cost up to
1 1/2 times that individual's salary.
*A major insurance company recently estimated that its average cost per hire was $35,000. *Estimate courtesy of Brannick Consulting.
It is likely that your organization can dramatically reduce employee turnover
by improving your selection accuracy, developing a strategic retention
strategy, and assessing the competitiveness of your salaries and
benefits.
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SelectionResources.com's line of test instruments could make significant contributions to your organization through:
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Improved Selection Accuracy
Hiring candidates who are well suited for their work usually results
in happier and more productive employees! We can do a fast, statistically
sound core competency study from your job description...or we can test
a sample of your top performers to set your own core competency benchmark
success profile. Behavioral-based interview questions are produced
automatically.
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Cost Effective Administration
Our web enabled technology provides tremendous cost efficiencies,
test results are immediate, and there is minimal management time committed
to administration and no scoring of tests. There is also no investment in inventory,
and our assessments can be taken anywhere, anytime, via the Internet.
Contact
us for more information on how we can provide your company with
cost effective solutions.
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Reduced Turnover
As you do a more accurate job of selecting the right candidates, you
should get longer tenure and improved levels of productivity from your
people. This "return on employee investment" will help minimize your:
- Cost of recruiting.
- Cost of training.
- Cost of salaries paid to departing employees.
- Cost of extended vacant positions, which overworks existing staff.
- Cost of "under-serving" customers with fewer or below average performers.
Permanent, experienced employees enhance customer service and bring
more efficiency to their work!
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Improved Training
With fewer hires, you should have less new employee training.
In addition, the Achiever family of tests allows you to understand employees
and their personalities so you can offer "needs based" training on identified
weaknesses. Finally, our tests allow you to better estimate mental abilities
and hire people who can enhance your intellectual capital.
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Improved Time Management
If your managers can gain more productive time due to reduced hiring,
training and turnover, their contributions to the success of your organization
could be greatly enhanced.
Steps to selecting the right assessment for your organization
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