How much are your employees worth? How much money should you put into finding good employees? These are very important questions for small businesses. A recent study from Sage North America reported on the cost and value of employees.
One interesting fact found by the study is that for every $1 spent on an employee there is an average $10 profit.
Employees can also be expensive to replace. Replacement usually costs 30-400% of the employees salary. It is important to find good employees though. Companies with strategic recruiting procedures have 40% less turnover, twice the return revenue on employees, and 30% higher engagement!