As HR professionals, we do everything in our power to ensure that productivity stays high. To keep our employees engaged, we offer remote work options and competitive perks. We double down on diversity and inclusion programs to make sure everyone can enjoy a safe and welcoming workplace. But when it comes to social media, we’re often not sure what to do. More and more sources say that to see real success, leaders need to let go of “culture control” and enable a culture that yields productivity instead. But how does social media impact productivity—and how do you make it work for you?
It’s not exactly straightforward. On the one hand, social media without restrictions can be a source of genuine distraction and, by some estimates, make up 13% of an organization’s lost productivity. On the other hand, cracking down on social media for the sake of output can be a serious hit to morale. To be among the most innovative and agile companies in the market, we need to figure out a way to balance the benefits of social media to productivity while minimizing potential risks. But what’s the approach?
Just how costly is a bad hire? It depends on who you ask. If you were to Google “cost of a bad hire,” you’d find percentages, arguments, and even calculators promising to show you the “true cost of a bad hire” while offering little insight beyond the fact that they cost more than the worker's salary and turnover. As a result, the discussion on the direct and indirect costs of bad hires has become somewhat obscured. Some sources cite the “astronomical costs” of an unfortunate appointment while offering few measurable impacts, while others claim that a bad hire costs $240,000 while citing outdated and unavailable sources.
None of these sources tell you how often you’re making a bad hire, making it hard to know how these figures apply to your company. They often don’t tell you how the calculations are made or where the numbers come from, making it impossible to say whether the issue is of genuine business concern. When it comes down to it, they offer vague ideas about how to definitively avoid paying the costs of a bad hire. All of this has led HR to rely on "hope for the best" approaches to personnel management, with no clear insight into their hiring risk or effective actions they can take to manage it.
How much are toxic hires costing your organization? Relative to hiring a standard, non-toxic worker, a single toxic employee on a team of 20 will cost $25,600 per year due to increased voluntary turnover and absenteeism alone. This means that a company of 1,000 employees is losing at least $1.2 million to toxic workers each year…