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Falsified Applications: Statistics
In a survey of 501 executives by Ward Howell International, Inc., an executive search firm, 17% said their new hires had misrepresented job qualifications and 9% had inflated their salaries.
Source: Wall Street Journal
The Costs of Mishiring
Hiring the wrong entry-level person costs between $5,000 and $7,000 after three months. Mishiring a $20,000 per year supervisor costs about $40,000. Mishiring a $100,000 per year manager costs the employer about $300,000. These losses are based on wasted salary, benefits, severance pay, headhunter fees, training costs and hiring time.
Source: U. S. Department of Labor
Factors Contributing to Unscheduled Time Off Work
A number of other factors, besides personal illness, account for employees taking unscheduled time off from work according to a poll of 574 HR executives. Reasons for unscheduled absences include: Personal Illness, 28%; Family Issues, 26%; Personal Needs, 20%; Entitlement Mentality, 15%; Stress, 11%.
Source: HR Executive Magazine
Turnover Costs Employers $300 – $4,90l per Employee
The costs to hire replacements, including relocation expenses and agency fees, differ among the industries with the highest cost in engineering at $4,901 per employee and the lowest in assembly line factories at $300 per employee. The voluntary turnover rate is lowest among computer programmers who cost $2,500 per employee to replace.
Source: Journal of Accountancy
Violence in the Workplace Costs Employers More Than $55 Million Annually
The Bureau of Justice Statistics’ National Crime Victimization Survey reveals that nearly 1 million people become victims of workplace violence every year. Violence at work accounts for approximately 15% of all violent acts experienced annually in the US. In terms of lost wages and missed workdays, such crimes cost employers and workers more than $55 million.
Source: American Society for Industrial Security
Median Cost Per Hire Ranges Between $550.00 and $20,000.00
Companies of all sizes report that the cost per hire ranges from $550.00 and $20,000.00 depending on the job category.
Source: AON Consulting
Drug Users are Absent 3.3 Times More Than Other Employees
A drug user is absent 3.3 times more than a non-user.
Source: National Institute of Drug Abuse
Annual Turnover Costs U.S. Companies $1 Billion
Employee turnover and retraining costs amount to $1 billion annually.
Source: HR Magazine
Annual Shrink Costs the Average Supermarket $169,000 Annually
Cost of shrinkage for the average independently owned supermarket is $169,320 annually.
Source: National Supermarket Research Group
$45.4 Million Recovered from Dishonest Employees
In a survey covering 9,941 retail stores and representing $221 billion in sales, more than $45.4 million was recovered from dishonest employees in 1996, an increase of 22.8% over the $35 million recovered in 1995.
Source: Ninth Annual Retail Theft Survey
Training Costs Skyrocket
In 1995, employers spent $55.3 billion on training (almost twice the $30 billion invested in 1983). 65% of employers said that the percentage of employees receiving formal training has increased over the past 3 years. 70% of them say that more has been spent in the same time frame. 89% of companies expect training investment to remain the same or increase over the next three years.
Source: HR Magazine
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