What Does It Cost To Hire A New Employee? [video]

Do you know what the total cost of hiring a new employee is?

Hiring employees costs money and takes time. Aside from all of the time it takes to review resumes, interview candidates and make hiring decisions, a new employee has to learn all of your office’s procedures and systems, and needs to be able to learn the nuances that differentiate your office from others. And that’s on top of learning the substantive aspects of their job and the law.

According to an article by the Society of Human Resources Management, the total cost for hiring a new employee can be three to four times the position’s salary.[1]

That means that if you’re hiring someone for $50,000, it can cost you between $150,000 and $200,000. That’s a big investment.

And that’s assuming that you can fine someone to fill the position you need to fill. There’s a shortage of good employees these days, thanks in part to Covid and the “Great Resignation.” And yet I see too many law firms take that initial investment and squander it by not doing enough to train and retain their best employees. Don’t make that mistake! In this next series of videos, I’ll be giving you some tips on how to train and retain your best employees.

See the videos in this series:

Katie Navarra, “The Real Costs of Recruitment,” Society of Human Resources Management, April 11, 2022, https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/the-real-costs-of-recruitment.aspx