DECREASED Employee Retention-WHAT IS IT COSTING YOU?

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). 

1. While you are busily trying to find the new employee you may be losing jobs, productivity slows, you are paying others overtime to cover shifts, and morale is dropping. Fellow employees are burning out... the risk is more leave. 
2. Hiring costs money. Ad fees, the Manager's/HR wages spent on screening and interviewing, buying new safety equipment, issuing new keys, laptops, phones, onboarding, online training courses,  these all add to lost revenue and costs. 
3. ​Your new employee will only be able to give you approximately 33% of the output their predecessor did. Why? They need to first be trained and get up to speed with your business practices and they don't have the same skills or corporate knowledge- more lost revenue. 
4. You will need to assign one of your more experienced employees as a trainer....to show them the ropes and teach them processes and new skills. That means your experienced employee will only be able to perform at only approximately 60-75% of their best as they slow processes to show the new employee how things are done- more lost revenue and continued burnout for others trying to cover the additional work.
5. It takes time for new employees to hit 100% productivity. Depending on the business this could be 6 months to a 2 years. Once trained your new employee needs to build relationships with your customers, stakeholders, and  fellow employees this all takes time, and will impact their ability to be productive and efficient.   Less productivity= less revenue.

Does any of this sound familiar? Does it keep you up at night? What do you think your average profit loss is per employee that leaves your organization? Want some help? 

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.