How much money are you wasting due to poor employee retention?
Your employee turnover levels will be affecting your firm's financial performance.
With the massive interest companies have in cost reduction, it is frankly surprising how little attention is paid to the issue of staff and employee turnover. And how accepting organisations can be of a cost that is fundamentally in their control.
Given the current situation in many organisations, staff and employee retention really should be on the management agenda at all levels. If action is not planned, it has the potential to become an ever bigger issue. Even in these tough times, the best employees will be the ones who find opportunities to move on.
Do something positive about it now.
As we think this is such an important topic for organisations, we have developed a Financial Impact Model which helps you assess the impact of losing and replacing employees on your revenue and costs. We are happy to share this with you and indeed to use your own figures, so you can see exactly what the impact is for your organisation.
Our work shows that the typical financial impact of losing and replacing employees is strikingly high, especially for those more highly paid, and therefore more critically important employees. But also the very employees who are the most mobile and ambitious.
What is the optimum level for your organisation?
Of course some level of employee turnover is both expected and required. But what level? What cost is acceptable? And, assuming that it is lower than the current level, what can you do to improve employee retention so that the optimum level is achieved?
And here is a link to download a short presentation about the costs of staff turnover.
Can we help?
Take a look at Considerations for thoughts on how to approach the use of external change specialists and then Contact us to start your change.
