Turnover, what does it cost?
Turnover, what does it cost?
An organization can be considered “turnover stable” when employees leave at a rate that does not impede or restrict normal operations. In other words, their knowledge, skills, and contributions can be reasonably managed by the remaining workers until a replacement is found.
The costs of losing a worker vary by industry, job type, level of corporate knowledge, internal and external organizational economic factors, etc. Using the “WOW Turnover Calculator” you can determine the pure cash impacts of turnover on your organization. When you compound these cash costs with the hidden expenses such as corporate knowledge loss, team cohesion breakdown, competitor advantage and lost individual, unit or organizational productivity, these hidden costs can run in the tens of thousands of dollars, and in some cases, millions of dollars.
In one 3-year case study, a Florida health care organization reduced its turnover by approximately 20%. By doing so, they retained over 4 million dollars in earnings!
If you create a leadership culture, provide a strategically-crafted remuneration system, and provide fair bonuses and incentives, you will add to the level of retention in your organization. This, in turn, leads to greater organizational stability and employee cohesion.
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Download this whitepaper and try our online cost calculator to discover what your turnover is costing you, and what reducing this factor of your business can save you.
Turnover what does it cost - To learn more about this author, visit Jeremy Heighton's Website.
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Most businesses operate on the premise that a certain number of staff will leave over the course of a year. However, there are exceptions to this rule, such as seasonal industries like tourism and service companies where higher turnover occurs on a regular or seasonal basis.
An organization can be considered “turnover stable” when employees leave at a rate that does not impede or restrict normal operations. In other words, their knowledge, skills, and contributions can be reasonably managed by the remaining workers until a replacement is found.
The costs of losing a worker vary by industry, job type, level of corporate knowledge, internal and external organizational economic factors, etc. Using the “WOW Turnover Calculator” you can determine the pure cash impacts of turnover on your organization. When you compound these cash costs with the hidden expenses such as corporate knowledge loss, team cohesion breakdown, competitor advantage and lost individual, unit or organizational productivity, these hidden costs can run in the tens of thousands of dollars, and in some cases, millions of dollars.
In one 3-year case study, a Florida health care organization reduced its turnover by approximately 20%. By doing so, they retained over 4 million dollars in earnings!
If you create a leadership culture, provide a strategically-crafted remuneration system, and provide fair bonuses and incentives, you will add to the level of retention in your organization. This, in turn, leads to greater organizational stability and employee cohesion.
*********
Download this whitepaper and try our online cost calculator to discover what your turnover is costing you, and what reducing this factor of your business can save you.
Turnover what does it cost - To learn more about this author, visit Jeremy Heighton's Website.
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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