Cost-Cutting Tip: Retain Great Supply Chain Employees

Bad hires are a big problem. Three in four employers have hired the wrong person, according to a recent CareerBuilder survey. That kind of mistake is costly—with companies losing an every of $14,900 on every bad hire.  Employers said that choosing the wrong people resulted in a lot of challenges including reduced productivity, the opportunity cost of not being able to recruit and train other workers, and lower work quality.

"It's important to note that there's a ripple affect with bad hires. Disengagement is contagious — poor performers lower the bar for other workers on their teams, and their bad habits spread throughout the organization," said Rosemary Haefner, chief human resources officer at CareerBuilder. "The best thing hiring managers can do is put in the time and effort on the front end to make sure they have the best available pool of applicants for every job opening. And, just as importantly, have good procedures in place for evaluating candidates."

Losing great workers, though, is an even more costly problem. The average cost of losing a good hire was $29,600 last year, CareerBuilder found. While three quarters of employees report that they are loyal to their employer, just a little more than half think their employer is loyal to them.

Take a look at the infographic at the bottom of this page to explore other survey findings and learn about common mistakes and how to avoid them. What are you doing to retain your best talent? Let us know in the comments section below.

— Hailey Lynne McKeefry, Editor in Chief, EBN

Related posts:

• Retaining Women in Tech Takes More Than Training
• Just Like Being There: APEX 2018 & the STEM Workforce of the Future
• Millennials Identified as Potential Supply Chain Pros
• Automation in Manufacturing Will Create More, Better Paying Jobs
• Manufacturing Day at Jabil Blue Sky: Why You Should Come Along!
• Mind the Talent Gap with BPaaS