Section 2: Costs Involved in Employing New Staff
- Cost Involved in Employing Staff
The costs incurred on the recruitment of new staff can be quantified as the opportunity costs. The human resources is the most valued assets of the business. Salaries and bonuses are not comparable to the value of a particular employee. The true cost of turnover includes easy-to-quantify, out-of-pocket expenses and intangible opportunity costs associated with lost productivity.
Th total cost of hiring not only includes the cost of recruitment, but it also includes the cost of training, salary, benefits and the cost of workplace integration. It also the cost of need assessment, cost ...