“In this blog I want to talk to you about the statement, “I can’t afford this,” or “I think this is too expensive.”
My name is Mark Whitmore, head coach Lodestone Truth North and here at Lodestone, we’re backing the bus off the business owner and putting them in the driver’s seat.
One bad hire in your organization, typically costs you 10x what you pay that person. I want to vet those numbers and amplify those numbers a little bit.
Let’s say you have a $17/hr employee and they are the wrong person in the wrong seat. The way they are costing 10x that, which is $360,000. The way they are costing you that is broken equipment, repelling or chasing good talent out of your organization, your time and energy to babysit them. If you calculated how much your time is worth as a leader, the amount of time and energy you have to spend doing their job, fixing their job, coaching them, training them, watching them, babysitting them, that is factored in here.
Also factoring in there, we lost clients over this person, we have clients that have not shown up at our front door because of this person, and just factoring in your peace of mind. It’s a very expensive problem when you have one bad hire.
When you run your business on a comprehensive operating system, like we teach you to do here at Lodestone, you are going to stop making this mistake. You’re going to get rid of the folks slowly, or quickly, who are the wrong people in the wrong seats. You’re also going to do a much better job hiring the right folks, and everytime you do that, you’re going to see a larger ROI.
And all of that, for the investment for about one $17/hr. employee. It takes about $36,000 a year to work with Lodestone on a full service engagement. So, that’s a very good ROI and I wanted to share that with you.
Mark Whitmore, Lodestone Truth North.”