Research Companion to the Dysfunctional Workplace
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Research Companion to the Dysfunctional Workplace

Management Challenges and Symptoms

Edited by Janice Langan-Fox, Cary L. Cooper and Richard J. Klimoski

A work exposing and exploring the phenomena of the dysfunctional workplace is long overdue. This fascinating book does just that, uncovering the subversiveness, counter-productive behaviour and unspoken ‘issues’ that managers struggle with on a daily basis.
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Chapter 22: Avoiding Entrepreneurial Frustration: Building a Management Team

Robert D. Hisrich and Julie Lutz


Robert D. Hisrich and Julie Lutz Introduction In order to successfully launch and grow a new venture, the entrepreneur must build a strong management team with the necessary talent. Such a management team establishes, through its abilities and connections, the much-needed credibility that allows the venture to obtain the necessary resources (particularly financial support). While the decision to hire a new employee is an important one for every business, its impact is even more significant for an entrepreneurial company. Every new addition to the management team helps determine the ability of the venture to launch and grow. Bad hires are expensive, and no organization, especially a small entrepreneurial one, can afford too many of them. It is thought that an employee hired in a typical entry-level position who quits after three months costs a company about $9,000 in salary, benefits, and training. In addition, the intangible costs – time invested in hiring and developing the new employee, lost opportunities, reduced morale among co-workers, and business setbacks – are seven times this cost, making the total cost for this bad hire about $72,000. For many companies, attracting and retaining qualified employees remains a challenge, but the problem is especially acute among rapidly growing small businesses. A comprehensive study of companies’ hiring practices conducted by indicates that: ● ● ● ● Staffing costs are rising overall, despite increased use of the Internet. New-hire quality is the top staffing priority for 70 percent of the companies surveyed. Most companies...

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