The True Cost of Turnover

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If you are in business to stay in business then you must take care of and retain your best team members and continually attract new top performers.

 

So what do you need to do to look after your employees?

 

The simple answer is take care of the people in your employment fold. You want to attract them and keep them.

Colonial Life, The BeneChoice Companies, Stacia Robinson, insurance, education, community, contribution, employer, employee, benefit, benefits, benefit administration, benefit administrator, life, health, accident, long term disability, workers compensation, planning, The BeneChoice Companies, workplace, employees, turnover, benefits, insurance, turnover, Stacia Robinson, Montgomery, AL, Colonial

 

According to Colonial life, 65% of employers are experiencing problems attracting top performers and 54% are having difficulting retaining them. So it is clear employer are struggling with retention.

 

When an employee stays with your organization long term, there are some measurable benefits:

  1. You gain from their business experience
  2. You make more money
  3. You save money on recruiting
  4. You save money on training and development
  5. You keep employee morale intact as people are building relationships

 

This handy calculator can show you how much you save when you reduce employee turnover. Consider all that goes into finding your next best top performer. You have to write the ad, run the ad, sort through resumes, interview, check references, do background checks, welcome them on their first day, have other employees cover the work during the process, train them, mentor them and give them time to learn the ropes before they might even make a financial impact.

 

So how do you get employees to stay with you?

 

Maybe you can not give company cars, huge bonuses, etc. That is alright. Employees don’t just care about the money. What they want most is to fit in, feel valued and that they are part of a team. They want to enjoy going to work and they want to know that there is a plan for their future in regards to opportunity, benefits and financial stability.

 

If you are in a situation where you have high turnover, please watch our blogs over the next few months as I’ll be giving you some thoughts on how to make your workplace the place to be.

 

Highest regards,

 

Stacia

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