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The cost of a bad performance review process is real and translates to real money.
Ineffective performance reviews can cost your small business thousands of dollars in employee turnover and reduced productivity. Replacing just one employee can cost up to nine months of their salary. For an employee paid $50,000 per year, that’s $37,000 down the drain.
Many small businesses lack formal HR departments or the kind of HR expertise needed to schedule employee feedback sessions and collect data from them. They often rush through them, viewing them as just one administrative task of many.
That creates a poorly structured