The best money spent in business

11 Sept 2024 · 0 min

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In this brief discussion, Speaker A asks Feras what the most valuable expenditure for a business is. Feras (or the speaker) points out that hiring the right people is the best investment, citing Bureau of Labor Statistics data that a bad hire can cost a company roughly 30% of the employee’s salary—e.g., a $100,000 hire could end up costing an additional $30,000 in hidden expenses. The implication is that careful hiring decisions are crucial to avoid substantial financial loss.

Hey, Feras, please help me out here, but what's the best money spent in business? And that would be the best money spent because the wrong hire, according to some, I think statistics by the Bureau of Labor Statistics in the US, it could cost you like, forget, like 30% of their salary. Like that's the net cost on your business. So if you're hiring someone for, you know, $100,000, that's $30,000 at least.