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Pay for Performance - in this Economy?
Yes, especially now! There are three potential mistakes organizations can make when there is a downturn in the economy.

Six bottom-line best practices in recruiting
Recruiting strategies may flex and change with economic conditions and in reaction to competitors in the market. But there are certain best practices that are a constant benefit to every organization that adheres to them, whether the economy is up or down. Recruiting excellence has a direct, and positive, impact on the bottom line. Increasing revenue per employee and saving turnover costs are two important benefits. Here are six recruiting best practices that will make a measureable difference in your business.
Can't Touch dis
Every so often I run into a challenge so daunting that there is no place to hide. I was recently hired to develop a fairly simplistic pilot program that could easily be exportable to other areas of the country.

Reference Checks; are they reliable?
There is a big time investment in the recruiting process. The ‘up front’ work does pay dividends - “Hire hard; manage easy” is, I believe, the expression. It works. Many clients ask us to check references when they find a good candidate and we always, but gently, remind them that these references are provided by the candidate and are not, therefore, likely to produce anything remotely negative. Organizations would be better to pay the money to a professional organization

Other turnover costs Related Articles

The Perfect Fit
Have you looked at your selection processes recently? What is your staff turnover like? “Let's assume the average salary of employees in a given company is $50,000 per year. Taking the cost of turnover at 150% of salary, the cost of turnover is then $75,000 per employee who leaves the company. For the mid-sized company of 1,000 employees who has a 10% annual rate of turnover, the annual cost of turnover is $7.5 million!” * So how do you go about ensuring you select the right staff, who will fit well with your organisation, and who will stay with you?

Turnover, what does it cost?
Reducing turnover is a critical step in improving your resiliance during tough economic times. However, Retducing turnover isn't enough, you must retain the right employees. This is the first section in a four part white paper on reducing employee turnover.
Understanding and Calculating the Cost of Turnover
A brief look at how one determines their turnover rate. Another article details the causes of turnover and how to reduce it's impact on your organization.
How to Attract and Keep Productive Employees
It's been shown time after time that there is a high positive correlation between employee commitment/productivity and reduced turnover. A stable, low turnover work force produces significantly more. All the secrets are revealed here.
The Interview Process in a Nutshell
Have you ever thought about the full cost of hiring a new employee? There are the obvious costs: placing an ad, the wages spent on time looking at resumes and conducting interviews, pre-employment physical, reference checks. Then there are the less obvious costs: wages for training time of both the trainer and new employee, lost productivity while the position is vacant, lost productivity while the new employee learns and gets up to speed, the cost of mistakes. When you add it all up it definitely motivates you to minimize employee turnover, doesn’t it? And there are many strategies an employer can utilize to create an environment that inspires employee loyalty. But the first and most important step is making the right hiring decision.

Employee Turnover - What is it costing you?
In today's economy it is more important than ever to avoid turnover. Turnover is extremely costly. These are the factors you need to consider when estimating what the bottom line is when it comes to calculating turnover.
Incorrectly Assessing A Job Applicant's Motivation
In today's highly competitive and turbulent business environment, hiring average employees can spell "failure". Companies can not afford mediocrity while their competitors are striving to be the best. Hiring impacts profits in more ways than most companies realize. A Harvard Business School study determined that more than 75% of turnover could be traced back to poor hiring practices. The decision to hire -or not to hire- plays a significant role in turnover. The leading contributor to turnover is often not what happens after the employee is hired, but rather the process leading up to it. And turnover is not always bad if it's a bad hire that's leaving. You have to wonder if you really are hiring the best we can.
Beware Of Hidden Costs In Your Small Business
Obvious costs are usually planned for. However, hidden costs will drain your money and time without your knowledge. These costs in fact are not hidden, but get overlooked when you factor in the major expenses. If you are aware of the hidden costs, you can avoid unpleasant surprises. Besides, small business costs can be reduced to a certain extent by managing the hidden costs.
10 Keys for Reducing Turnover
One of the most daunting problems in any organization is turnover. It can cost a business millions of dollars a year and is incredibly disruptive. Reducing turnover should be a high priority activity for every organization, and it is not hard to figure out ways to do it. 1. Develop People 2. Recognize Good Performance 3. Build Trust 4. Reduce Boredom 5. Communicate More 6. Cross Train 7. Don't Overtax 8. Keep it Light 9. Feedback Performance 10. Train Leaders The following article describes some of the reasons why these steps can help cut down turnover significantly.

Preparing for the upturn - Retaining and attracting the best skills in the market.
With the first signs of economic recovery upon us employers need to be prepared for the upturn, they need to focus on retaining skills and keep employees engaged in their work, if voluntary turnover increases after an economic downturn, then companies have to bear the costs to recruit, train, and attract new employees to replace those who have left. Replacing lost employees quickly becomes expensive. Not only does turnover have financial implications, it also impacts workplace performance. However this is just the tip of the iceberg as customer relationships are impacted, knowledge is lost and often other employees have to pick up the slack, causing increased levels of stress among the remaining workforce.
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