The success of any team lies in the quality of the individual players and how well they work together. The loss of a key player can be costly. These costs are much greater than simply the cost of hiring the replacement. Here is a list of the potential indirect costs of employee turnover:
- Lost productivity.
- Reduced employee morale.
- Customer satisfaction.
- Formal and informal training to get the new employee up to speed.
- Severance pay or litigation costs from involuntary turnovers.
- Hiring costs such as advertising and promotional materials, referral bonuses, relocation expenses and background checks.
While turnover is normal and unavoidable in the course of conducting business today, employers should ask questions such as:
- What are the costs of work not being done or completed?
- How is morale and productivity affected?
- How will our customers be affected?
- How can you stay competitive with the loss of experienced and highly skilled workers?
Due to the expense and impact on the culture and bottom line, employers should develop a retention strategy for current and future talent management needs.
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