Coaching costs less than hiring new employees — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

Coaching costs less than hiring new employees

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in Centerpiece,Leaders & Managers,Performance Reviews

by Sharlyn Lauby

employee mentoringSmart business people know it’s more profitable to keep existing customers than constantly having to find new ones. That’s because the costs of acquiring new customers are so high.

The same principle applies to employees. Employers invest thousands of dollars to acquire a new worker. They pour time and resources into recruiting, interviewing, hiring, onboarding and training a new employee.

So if a new employee—or a long-tenured one, for that matter—makes a mistake, it’s often best to consider coaching, mentoring and additional training instead of immediately thinking about discipline and possible termination.

Don’t delay coaching

It comes down to a cost-benefit analysis. What are the relative costs of replacing a staff member compared with salvaging an already-established relationship?

Say a manager is dealing with an employee who isn’t contributing his or her fair share. Everyone understands that the situat...(register to read more)

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