Can You Justify Hiring Top Talent?

Hiring top talent is difficult and expensive. Is it justified? Can you afford it? Usually the answers are a resounding “yes”.  Consider that it is generally true that a small percentage of the employees in a company generate most of the work. Accordingly, hiring just one top candidate will have a significant positive impact on your company. In addition, the cost of replacing a bad hire is very high. The U.S. Department of Labor estimates that replacing an employee costs one third of the employee’s annual compensation. The Society for Human Resources (SHRM) estimates this cost at up to five times annual compensation. These are strong justifications for hiring top talent and for improving your recruiting and hiring processes in order to do so.