August 12, 2021 by Daran Wastchak
#004 What Is the True Cost of Hiring the Wrong Person?
In this episode, Daran will be talking about one of the biggest causes of stress for small business owners: the loss of an employee.
Whether employees leave voluntarily or involuntarily, the impact to small businesses, especially those with a very small staff, is almost always significant.
The business suffers a loss of productivity, output, employee morale, and all the dollars associated with these things.
The impact to the small business owner is almost always a loss of time to do other important work while they focus on finding and hiring a new person, all of which results in a loss of freedom.
To reveal the true cost of replacing an employee, Daran will share objective data from a report published by the Center for American Progress. These results will be a real eye opener that you'll want to hear!
Lastly, Daran will provide information about his upcoming "Dream Team" Builder Workshop where he will share the secrets for how he built a "dream team" of employees for his own business, then sold the business to three of them 24 months later.
Enjoy the show and don't forget to...
Stay focused on your freedom!
Here’s a glance at this episode…
- [1:57] When an employee leaves, whether voluntarily or involuntarily, there are costs associated, disruptions to work flow, employee morale is down, loss of productivity, and for the business owner a loss of freedom.
- [2:17] I wrote an article recently with the same title as this podcast. I share the stress and struggle that I was caused with the loss of one of my key employees.
- [3:22] The Center for American Progress has a report that shows the cost of losing an employee.
- [5:31] What if we could reduce turnover?
- [6:45] Join me in my FREE “Dream Team” Builder Workshop where I provide insights into the process that I created to find the “right people” for my team.
Links mentioned in this episode:
- “What Is the True Cost of Hiring the Wrong Person” by Daran Wastchak
- "Dream Team" Builder Workshop
- "There Are Significant Business Costs to Replacing Employees", Center for American Progress report
- "Employee Retention - The Real Cost of Losing an Employee” by Christina Merhar
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