From the course: The Human Resources Hero
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The relationship between HR and sales
From the course: The Human Resources Hero
The relationship between HR and sales
- I want to help you learn how to better communicate the finances of HR to your CEO and leadership team by using the true cost of HR worksheet, a copy of which is in your exercise folder. Let's take a look at the worksheet and for our purposes right now, limit our discussion to the three legged stool of hiring, productivity, and retention. The hiring variable's considerable. How much do bad hires cost at your company? Let's say your company made 10 hires last year and four of them were poor hires. Assume the average bad hire cost is $50,000. That just too $200,000 directly off the bottom line. Let's think about productivity. What if you helped increase the productivity of your workforce by 10%? How would that impact the bottom line? Is there any reason people can't be 10% more productive a year later? Including you? The third variable is turnover. Turnover can be contagious, expensive, lead to lawsuits, the loss of knowledge, brand damage, and more. One of the most impactful things HR…
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