In fact, a new employee earning only $33,000 a year has a greater financial impact than taking out a $750,000 mortgage, says hiring guru Mel Kleiman, author of Hire Tough, Manage Easy.
He says that while both represent an ongoing outflow of about $3,750 per month, the employee comes with the added costs of training,time and supplies. Plus, employee costs will rise over time.
This is why managers should evaluate every hiring decision as a long-term liability and ask if the cost of the new asset will be more than paid for by the benefits delivered.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/34691/how-is-every-new-hire-like-taking-out-a-mortgage "