Date Added: Aug 2009
No matter how large or small a company is, employee turnover is inevitable. Although smart employers work hard to retain good people, few give enough thought to ensuring effective on-boarding of new hires that will ensure their success. Costs of recruiting, hiring, and training knowledge workers vary, ranging from 50% to 200% of an employee's annual pay, or more. Even with thorough training, vital details are often forgotten, passed over, or incorrectly understood. The resulting inconsistency, mistakes, and erratic service can damage company's reputation. Reliance on knowledge workers is steadily increasing. Regardless of their area of specialty, their knowledge, skills, and abilities drive company decisions, priorities, strategies, and organizational performance. This is risky for organizations as workers retire or move on, since knowledge is lost.