We, at Collingwood, have been building our team against values and behaviours for nearly 3 years now and it has had a significant positive impact in all areas of our business not only revenue growth. Our team is aligned to a clear vision and a core set of values that we worked hard to identify at the start of our journey. The result is coherence, a strong team dynamic and an outstanding service to our clients to name only a few. This has been achieved in place of our old culture which delivered impressive revenue performance but with individuals working in silos and not working for the common good.
For many rapidly-growing organizations, hiring the best talent available is priority number one. But when done poorly, your recruiting process can cost your company more than you might expect. A recent Harvard Business School study found that avoiding a toxic worker was worth about $12,500 in turnover costs. And according to ERE Media, it can cost even more to replace them. Entry-level employees cost between 30-50 percent of their annual salary to replace. For mid-level employees, that number climbs to upwards of 150 percent of their annual salary. Tangential effects of a poor recruiting process can also affect your bottom line. A typical year of recruiting at Virgin Media, for example, costs the company an estimated $6 million in lost revenue by upsetting over 7,500 customer applicants.