by Paula Quinsee
Do you know what your staff turnover is costing you? Stats based on Remchannel's survey of almost 40,000 employee resignations and the recruitment and HR process costs associated with filling those vacant positions total almost R24 billion. The main reasons cited for resignations in the PwC Global Workforce Hopes and Fears Survey is because employees don't find their current job fulfilling, feel they can't be their true self at work, don't feel their team cares about them, and feel like their managers don't listen to them.
Losing a valuable team member can wreak havoc not only on the organisation but a team too, and the costs are more than just financial. Here are some of the real consequences of saying goodbye to a key player:
Recruitment Costs and Time
The effort, time and energy spent on job postings, recruitment agencies, background checks, and interviews will eat away at your budget.
Training and Onboarding
There is both a direct (training materials, trainers' time) and indirect (decreased team productivity during training) cost to get new hires up to speed.
Productivity Loss
There is a dip in productivity as teams are pressured to step in which can result in burnout and inefficiency as colleagues fill the gap.
Knowledge and Expertise Loss
The very real loss of unique skills, knowledge, and expertise that aren't easily replaceable which can have an indefinite impact on team's performance while trying to replicate those competencies again.
Impact on Team Morale
Team morale can drop significantly if departures are handled poorly and can even result in underlying resentment and disengagement by others.
To cut these costs and keep your team intact, employee retention strategies need to align to the overall employee and organisational strategy. How are your current employee engagement initiatives aligning with these trends to foster growth and development, and maintain a positive work culture? Do you have a solid succession plan in place to a) identify talent and b) minimise the impact from knowledge and expertise loss.?
At Engaged Humans, we specialise in facilitating connection and bringing the human back into the workplace through various touchpoints and employee engagement initiatives. We would love to help you build an environment where everyone thrives and save you the headache of turnover costs and impact to your teams and business.
Paula Quinsee is the Founder of Engaged Humans, facilitating connection between individuals and organisations. She is a certified Imago Relationship Therapy Educator and Facilitator, NLP Practitioner, PDA Analyst, Coach and Trainer. Paula is also the author of 2 self-help guides: Embracing Conflict and Embracing No as well as an international speaker, advocate for mental health and activist for gender-based violence. For more info: www.engagedhumans.com or https://www.linkedin.com/in/paulaquinsee/
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