This week’s post will be brief as it is my hope that you’ll read a great article from The Herman Group.
The article focuses on the cost of employee turnover, suggesting that the cost can be 150% or more. They analyzed the costs rigorously and I suspect there are additional missing costs. Key employee turnover may lead to lost clients or even just lost opportunity.
Disengaged employees are one cause of turnover. If you only see your employer as a paycheck, then you will jump when a better offer comes along. If you’ve “quit and stayed”, some combination of the following hidden costs is likely to appear: Waste, Lost productivity, Reduced innovation & creativity, Inattention, and Petty stealing (paper clips, consumables, pens, etc).
The Dream Manager principles are a frequent subject of my blog and are one possible answer. Following these principles won’t eliminate turnover but will significantly increase employee engagement which will reduce some of the hidden costs. Creating an engaged culture will gradually increase the quality of new recruits. “Managing” transition by proactively helping employees realize their dreams may also increase the predictability of turnover.
Check out that article!
{ 0 comments… add one now }