Employee Turnover Surprisingly Costly
As reported in the AZ Star Monday morning, Bill Nordbrock, VP of Community Relations for SCORE Southern AZ, listed the costs that can be prohibitive for a business when turnover happens with an employee or employees. Costs include: advertising, interviewing, recruiting, training, loss of intellectual property, reduced productivity, poor customer service and lower employee morale. The true cost can be more than 200 percent of their annual salary. How do you stop turnover and introduce retention strategies? According to a conversation with Paul Bellows, a business consultant, employee retention starts with an atmosphere and culture conducive to retention. Do everything you can to promote the health of your employees on a financial, emotional and physical level. Invest some time to get to know each of your employees and understand what motivates them. Is it the income, benefits, PTO, public recognition, additonal training, or flexible work schedule? Make sure your employees feel appreciated and valued by the organization. Creating a culture conducive to employee retention will work wonders for productivity and impact the bottom line.
