Infographic: Why Retraining Current Employees Is Cheaper than Hiring New Ones
When productivity takes a dive, it can be tempting to fantasize about bringing in a whole new team to bring the fire back to your office. However, research shows that, in many cases, it is actually much less expensive to retrain current employees than to replace them with new hires. Below, we explore the associated costs of both strategies, and explain why retraining is typically the better way to go.
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Brilliant infographic. I think the culture we have that people are disposable is just terrible. Also, there would most likely be a higher wage to pay when you hire someone more highly trained.