Hiring vs Retention: Which One Is Really Costing You More?

Is Hiring New Talent Costing You More Than Keeping the Ones You Have? If you work in HR, you may have wondered if it is actually cheaper to retain a current employee rather than hire a new one. This blog simplifies the hiring process, making it clear, practical, and relevant. I will explore the various costs associated with hiring a new employee, including the time spent reviewing resumes, as well as the expenses of onboarding and training. Additionally, I will address less obvious costs, such as lost productivity and the time managers spend conducting interviews. Then I will compare that to what it takes to keep your best people happy and growing in their roles. Retaining is usually the smarter move, both for your budget and your company culture. This post is for HR leaders who want to be more strategic with their time, energy, and hiring budgets. It's packed with insights you can use in your next boardroom pitch or talent planning session. I will be looking to answer the follow...