Are you beginning to wonder if the cost of coaching your poorest performer is starting to fall in line with, or even exceed, the cost of a new hire? Take close look at the numbers. Because if you’ve had to fix the same expensive mistake more than once, or spend hours in debriefing sessions after multiple failed projects and missed opportunities, you may be right. Here are few considerations to keep in mind as you complete a cost comparison between repeated, futile coaching efforts and position turnover.
Talent Management: Monitor Training Versus Hiring Costs
- Sometimes it’s better to avoid hiring a “superstar.” If you pay a salary premium for a candidate who’s already been trained, and then bring him on board with sky-high expectations, you may soon find that his specific training (and possibly his entitled attitude) aren’t the perfect match you had in mind. Instead, try hiring untrained candidates with the work ethic, humility, and enthusiasm that predict quick learning and future loyalty. Then train them in-house. The one-time cost of this training process will pay for itself over and over.
- Follow up. Effective training is an art and a science, and success depends on manager coaching skill, not just employee aptitude. Teach your managers to communicate training goals clearly and follow-up consistently to make sure employees are successfully retaining what they’re taught at every step.
- Get things right from the start. The best way to sidestep underperformance is by hiring and training the right person in the first place. Once your top candidates are on board, you can rely on emPerform’s talent management tools to keep employee goals and guidelines in line with the demands of a specific position. Use emPerform to keep performance and development on track, and you’ll spend less time and energy on exhausting coaching efforts after each review cycle.
For more information, visit www.employee-performance.com