Employee Turnover


The Hidden Costs of loosing Employees

It is generally known that costs associated with staff turnover are great but do you know where you feel it most?

Here are 5 areas deeply affected by staff leaving and how you can avoid it

1. Less Productivity

How are you going to manage the workload the leaving employee did? By simply putting the tasks on to other employees you may find they are becoming less productive as they have now more to do than they can handle and important work might be left behind – Make sure you’re clear on what will need to be put in place BEFORE an employee leaves you or you dismiss someone

2. More Work than they can handle

If existing employees have to stretch themselves to do more quality may go out the window…attitude is likely to suffer and what is saved in wages for one may become expensive in lost good will and loyalty to the business – Direct extra workload thoughtfully and make sure you give extra praise to those doing more

3. Knowledge lost

Probably a lot of people can do what the lost employee did but….do they have the very specific knowledge, the attitude and care and some unique ways of handling it? Writing code, or selling your product is only one part, it’s also about knowing the people, the traditions, the location of relevant information, what the boss likes and a million other things that come from working for a business for a long period of time – Creating processes can be helpful in this case, with notes on all details

4. The Costs of Training

Whether it’s the cost of sending a new employee to training sessions or for you or your managers to make the time to train someone new…extra time and therefore costs of training. And with new employees learning, someone has to check it gets done right – A very hard to avoid extra cost

5. Cost of Interviewing new potential Employees

If you do this yourself, it’ll eat into your time and cost what you could have achieved otherwise. If you use a recruiting agency then the costs are with that and you may or may not get a suitable new employee the first time

 


 

 

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