Reduce Employee Turnover by Developing your Supervisors and Managers
The following costs related to employee turnover should be considered when planning your organization’s retention strategy.
- Loss of productivity
- Cost of overtime or temporary help
- Lost efficiency, including the interaction and institutional knowledge
- Lower morale of co-workers
- Recruiting costs (advertising cost, time, management of websites)
- Search firm fees (often equivalent to 30 per cent of new hire’s first-year salary)
- Screening of applicants
- Interviewing time
- Hiring costs like testing, background checks, drug screens
- Relocation expenditures, temporary housing
- Sign-on bonuses
- Time spent onboarding
- Training
- Assimilation into the work team
- Lower productivity during learning period—for both the new individual and those providing the training
- Loss of other employees
- Lost customers
- Lost contracts or business
What financial impact would an 18% reduction in employee turnover have in your organization?
According to a Gallup poll of more than one million workers, the number one reason people leave their employer is because of their immediate manager. We developed a training program for supervisors and managers that will reduce employee turnover in your organization. One of our clients saved over a million dollars by reducing their turnover rate by 18%. Take a quick look now to learn how:
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