Hiring staff is expensive. Research shows that the actual and opportunity cost for advertising, shortlisting, interviewing, on-boarding and training new staff, is somewhere between $7,000 and $15,000 per new employee. If you are recruiting multiple staff per year, this quickly ads up.
When I asked Steve, a successful small business owner who employs 12 staff, what he thought was one of the biggest challenges he faced in operating and growing his business, he thought for about 3 seconds and said,
“Geez, it’s been hard to find good staff!”