loader image

The Cost of Hiring New Employees

Hiring a team to build your business is essential for success but it does come with a cost. Back in my early years it was just my business partner and me with a keen ability to really understand eachothers visions. In search of growth, we decided to try an intern graphic designer and I began learning some very important lessons. This first hire was a bit of a flop. Our mismatched goals became evident in just a few days. Lesson one: not every hire will fit.

Around a year later, a promising young woman reached out seeking employment. We welcomed our first official employee. She exuded ambition as a recent graduate, yet her pace was leisurely and her output lacked the awe-inspiring quality I sought. Frustratingly, I found it easier to handle tasks myself than guide her every step. It took a few months for her to find her footing, and then suddenly, a transformation occurred. Lesson two: cultivating patience is paramount.

Another year went by, and we expanded our team with a talented young man. Ironically, I seemed to have forgotten lesson two, and my frustration resurfaced regarding his speed, work quality, and communication. Yet, as time flowed, a familiar pattern emerged—he evolved into an exceptional contributor. Lesson three: revisiting lesson two is vital.

Since those early experiences, I’ve hired several more team members, constantly reminding myself of the lessons I learned with those initial employees and what the cost of that is.

There’s the financial aspect—the fact that they often don’t generate revenue for the company during their initial months, implying they actually cost money. Secondly, even individuals with glowing portfolios and impeccable references might not exhibit immediate excellence in their roles.

According to Techjury.net, the cost of hiring new employees looks like this:

  • 45% of new hires will not succeed within 18 months
  • 45% perform moderately or below expectations
  • 81% fail to meet the desired standards
  • The average hiring time is 42 days
  • The average cost is $4,129 USD (possibly more depending on the business)

So, where am I going with this? Well, I’ve navigated the realm of hiring and nurturing designers, which allows companies to access our qualified design support without the expense of hiring a full-time designer. It’s how we help others grow and scale their businesses and we love becoming part of our clients team.

Before you look at hiring a full-time employee for any position it’s definitely worth looking at fractional services providers. You just may find that’s your perfect fit!