Human resources cost a lot in any company; but it is not the biggest. The biggest cost of a company occurs when people in the company are taken as “cost” instead of asset.
For small businesses, especially the sole proprietorship type, often face the problem. For every dollar paid to employee, the owner would earn one dollar less. Sometimes it is even true for public listed companies, in which the founder and CEO has an absolute power to make decisions.
When you take your employees as cost, you choose the “OK” employee. You fill the position with whom you think is able to achieve what you want. You don’t take care of them; as a consequence, they would take care of themselves. They would take their benefit as the most important thing while working in the company. They work for money in the company.
When you take the employees as great asset, you select the right people for the right position. They achieve beyond what you expect. It is not merely a job but a career for them and the career at the company is an exciting part of their life.
This “Biggest Cost” when you take people as “cost” is invisible. You just can’t see it happening.
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