Some amount of turnover is expected in any organization, however when it is excessive it will negatively impact productivity and waste resources that would be better spent elsewhere. In addition, a high turnover rate can negatively impact engagement, morale and even customer loyalty. Worse still, in many cases your voluntary separations end up working for your competition, trained on your dime.
Excessive employee turnover has severe monetary costs, but there are other costs to be considered. Typically it takes new employees several months to become fully productive. Every time a new employee is hired he must undergo training and gain substantial experience before he can excel at his new position. The time, effort, and money invested in onboarding and developing new employees are lost each time an employee leaves.
Recent research supports that motivation and engagement significantly impact retention. By ensuring that you properly understand the performance drivers for each job position and then select/hire for Job Fit you can concentrate on the discovery of the other factors influencing your voluntary turnover rate. You want avoid the situation where your good people leave for perceived "greener pastures", leaving you with the mediocre performers.
Each company, geographic area, industry and even organizational division have their own cultures and drivers of engagement and workplace satisfaction. We have a number of ideas and tools that can help you address these issues.
Use our calculator below to estimate the costs of voluntary turnover for your organization:
We’d be pleased to examine your hiring, onboarding and engagement processes at the same time.
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