One of the biggest expenses organisations face is the cost of ‘hiring and firing’. Some estimates suggest that replacing a single member of staff could cost your organisation more than £30,000.
This alarming number highlights the importance of avoiding staff churn and added cost whenever possible and stresses how key efficiency within your HR department is.
Improving HR Functions With A Simpler HR Process
The cost of replacing an employee comes down to two factors.
First, there’s the loss of productivity while the handover is taking place. The Oxford Economics report earlier mentioned assumes that an employee takes around 28 weeks to fully settle in.
Secondly, your organisation has to absorb the cost of recruitment. This might include the time set aside for interviews, the cost of advertising, and the resource required within the HR department.
Dynamics 365 for Talent aims to simplify the HR process throughout the employee lifecycle, tackling inefficiency at both of these touchpoints. Broadly speaking, this process is split into three key areas: