The $100 MBA Show MBA2057 The Cost of Firing an Employee + Free Ride Friday
Saying goodbye isn’t easy — or cheap.
At some point, if you run a business long enough, you’ll have to fire someone. Probably several someones.
This is normal, but it should never be done without serious consideration.
Before you give someone the ax, it’s imperative to calculate exactly what you’re losing. Even the most sub-par employees can be extremely costly to replace, in terms of money, time, and even less tangible resources like team morale.
Today, we share a few things to take a good, hard look at before you make the big decision.
It’s not that you shouldn’t get rid of employees who are genuinely detrimental to the company, or who aren’t pulling their weight. But in many cases, you may find that the cost of investing in their improvement is less than the cost of investing in their replacement!
The true cost of every firing isn’t easy to quantify, and comes down to more than just dollars and cents. Listen in, and make sure that when you do let someone go, it’s a decision you can live with. Click Play!
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