In fact, one of my partners now believes that employee turnover costs American businesses over $340 Billion dollars per year.
So hiring the right person is indeed a critical component of a managers success, how do you evaluate that success (or failure)?
Kris Dunn, writing in Fistful of Talent, outlines some essential values when determining how well a manager hires, including a reference to the recent Jack Welch article in Business Week.
Tracking the hiring success of your managers is essential. And if a manager has a poor record of hiring, then the opportunities for training and development are ripe:
Teaching the fundamentals of interviewing;
Having that manager observe other interviews;
Conducting performance appraisals of not just the newly hired employee, but also the hiring manager 90 days after the hire.
Speaking of Fistful of Talent, by the way: Jessica Lee, who is the Employment Manager for APCO Worldwide, has a blog that’s must reading for small business owners and managers. And although she’s obviously skilled at her job, a book (or two or three) is obviously in her future.