Inspiring Organizational Growth
Every employee that leaves your Organization will have a direct impact on your profit margin.
Just do the math-a 3 year employee gives you 2 weeks notice in February. You have to suddenly scramble to cover their shifts, their projects, their customers, and you suddenly lose their productivity and sales. You also have to try and find a replacement.... you waste time posting ads, looking over resumes (that have NOTHING to do with the skills required for this job), you run some interviews, HOPE for the best and hire someone new. Have you ever calculated just how much this impacting your bottom line? How many employees have you lost this year?
Let' Break Down the Costs:
Calculations for One Employee (you will need to multiply it by the number lost this year/quarter).
Let's Approach it Like the Game of Hockey
I equate what I do to the game of hockey...(I am Canadian after all). As a consultant with Inspiring Organizational Growth, I first "watch the game from the bleachers". I observe what is happening, how players are interacting, how the coach is handling changes in the game, dealing with fights on the ice, and if they are best utilizing the talents each player has. Then I talk with the team and coach, and get their perspectives. Finally I study the data (wins/loses). Using my report, we (owners, managers, coaches and team players) develop action plans to increase team synergy, address issues (many of which the owners didn't even know about or weren't sure how to address) and ultimately we start winning even more games.
Employees Who Feel Engaged Will Stay
Statistics have shown, over and over, that employees who feel engaged, invested in the "team", and utilized for their talents, DON'T leave. They want to stay. They enjoy how the team is managed, coached, and the opportunities they are given to shine. In fact, they tell other players HOW GREAT their team is, and attract interest in joining. Now your "players" are bringing you leads and potential new profit!
Return on Investment
I won't be able to guarantee you a 100% retention (players leave for different reasons and even the best don't win all their games). But, using the calculations we started with, how much would retaining JUST ONE extra employee save you? Would it be worth a try?
If you are interested in finding out, please contact me at www.knowingwhoyoulead.com and let's see how we can improve your profit margins and by increasing retention.
Carrie-Lynn Hotson is the author of Knowing Who You Lead, has created a series of blog posts to generate discussion, insight and inspire transformational leadership growth.