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Posted May 10, 2013 by

Cost to Employer of Bad Hire Exceeds $50,000

Matt Ferguson, CEO of Careerbuilder

Matt Ferguson, CEO of Careerbuilder

A new study shows that hiring the wrong person can have serious implications for companies. More than half of employers in each of the ten largest world economies said that a bad hire (someone who turned out not to be a good fit for the job or did not perform it well) has negatively impacted their business, pointing to a significant loss in revenue or productivity or challenges with employee morale and client relations.

For example, among those reporting having had a bad hire, 27 percent of U.S. employers reported a single bad hire cost more than $50,000. In the Eurozone, bad hires were most expensive in Germany, with 29 percent reporting costs of 50,000 euros ($65,231) or more. In the U.K., 27 percent of companies say bad hire costs more than 50,000 British pounds. Three in ten Indian employers (29 percent) reported the average bad hire cost more than 2 million Indian rupees ($37,150), and nearly half of surveyed employers in China (48 percent) reported costs exceeding 300,000 CNY ($48,734). (more…)

Posted August 20, 2012 by

10 Questions to Help You Keep Track of Your Professional Relationships

If you are looking to maintain relationships with your professional contacts, there are some things you need to think about.

Most doctors firmly believe that certain types of regular screening tests and checkups are essential and help save lives. And most of us, no matter how much we despise devoting an hour or more to getting poked and prodded, dutifully go for an annual checkup each year. After all, our health is vital to our overall well-being and happiness. Andrew Sobel says that annual checkups can play a vital role in your professional health as well—especially with regard to client and customer relationships, which are the lifeblood of every business.

Andrew Sobel

Andrew Sobel

“In fact, you should absolutely review the ‘health’ of your client relationships on a regular basis,” says Sobel, coauthor along with Jerold Panas of Power Questions: Build Relationships, Win New Business, and Influence Others. “Here’s why: Most clients vote with their feet. They don’t tell you they are unhappy—they simply start to give their business to your competitors. Client relationship checkups can help you gauge the health of these relationships, prescribe changes when necessary, and identify ways to further grow them.”

Sobel recommends infusing your client health checkups with power questions.

Here are ten questions you should ask yourself when you are considering the health of your client relationships: (more…)