thank you dear for the support,
i suggest t check the following article :
The United States is wasting $105 billion a year--an amount equal to 1.05 percent of the gross domestic product--because of poor hiring and management practices, according to a global survey of 700 managers in seven countries.
The London-based SHL Group, which produces psychometric assessment products, funded a survey to find out if it was possible to quantify the true cost of hiring mistakes. The Future Foundation, the London consultancy and think tank that conducted the research, calculated the overall cost of managing poor performers by multiplying the number of managers working in each country times their average salary times the percentage of time they spend managing poor performance. The average for the seven countries surveyed amounts to $153.5 billion in U.S. dollars.
"We seem to be doing a rather dismal job of managing poor performance" today, says Lawrence Karsh, president of SHL Americas in Chicago. While CEOs continue to insist that people are their most important asset, "at the same time, they put pressure on HR executives to cut costs," Karsh says.
The hidden costs include the cost of failure due to poor selection of new employees and the cost of managing these poor performers. Researchers found that nearly one in four (23 percent) U.S. employees believe their colleagues are incompetent--"a frightening statistic," says Karsh. In addition, almost 70 percent of mistakes by U.S. employees are never reported, according to the report.
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Hiring based on old paradigms won't work in today's new "people economy," says SHL Group CEO John Bateson. It's critical to "put the rigor at the front end, rather than trying to fix things after making a poor hire. I'm not advocating slowing down your recruitment process," he says. "I do advocate injecting much more rigor into the process."
The report, Getting the Edge in the New People Economy, concludes that the competitive edge today comes not from the capital a company owns but from "the talent of the people it has managed to attract."
"HR Magazine"
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