Ep. 8 Costs of Employee Turnover
Did you know that employee turnover costs 1.5 – 2 times an employee’s salary, depending on the seniority level? Costs can be anything from lost productivity until a new employee is fully onboarded to a depleted team morale from additional workload from the loss of a co-worker. Tackling turnover costs starts with recruitment! It isn’t about just hiring top talent in your industry; it’s about those soft skills. Are they driven? Motivated? Or Have a great work ethic?
Our Top 10 Questions to ask yourself in order to retain top talent:
- Do you know what is important to your employees and what motivates them?
- Do you SHOW you care?
- Does your company have growth opportunities?
- Is there 2-way communication?
- Are you transparent with your employees?
- Are you flexible with the employees’ schedule?
- Do you celebrate and recognize employees?
- Does your PTO or work from home policy scream they are raving fans?
- Does your company have a wellness program?
- Is your company involved with Community projects?
If you answered “NO” to most of the questions above, you need to add employee turnover costs to your budget! If you answered “YES” to most of the questions above, CONGRATULATIONS! Sounds like you know the “magic,” as it is all about the little things and engaged employees stick around!
Karen Shepherd, MSHR, SHRM-CP is the Owner of HR by Karen, LLC in Naples, FL, as well as President of HR Collier. If you are seeking tailored HR Solutions based on your company’s strategic goals and objectives, Karen offers a unique quality experience by providing expert onsite, remote and interim Human Resources Services with compassion, empathy and heart, including, but not limited to, Recruitment, Employment Handbooks, Training and Presentations. You may contact Karen at 239-776-5919 or [email protected] or learn more on her website at www.hrbykaren.com.
Yaussy Casmartino is the Owner of Sourcelyn, LLC in Estero, FL. Sourcelyn provides small business owners with remote bookkeeping, payroll, and HR services, which will allow you to save time, money, and energy while getting efficient financial and human resource management. You may contact Yaussy at 786-250-1522 or [email protected] or learn more on her website at www.sourcelyn.com.
Join Karen and Yaussy next week as they chat with Debbie Dendinger on Wellness in the Workplace.
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