Employee Turnover can be extremely costly in terms of both dollars and time. Our clients estimate that turnover can cost anywhere from $5,000 to $15,000 per employee. Add to that additional costs, such as the loss of revenue, employee morale and more and you are looking at some big numbers.
There is a great opportunity in the early days and weeks after an employee is hired to reduce turnover by consistently setting expectations and establishing an environment that is welcoming and productive for your new employee.
Below are some tips to follow:
• Treat employee retention as a competitive advantage.
• View finding and hiring the best candidate as your first opportunity. Utilize the idea of maximizing their launch into your organization as your second opportunity.
• Welcome new hires. Communicate with them, understand expectations on both sides. Also hold each other accountable and ensure that key hiring and compliance requirements are met and documented.
• Maintain ongoing communication with new hires throughout the orientation and training process and clearly explain “what’s in it for both of you.”
• Keep new hires as long term employees by maintaining the same successful communication and documentation protocol for the life of their employment.
By following the above tips you will be able to tackle turnover woes and enjoy a happier and more productive workforce.
For more information on successful on-boarding, view a recording of Compli’s “Orientation & Training For New Employees — Setting The Table For Success Webinar,” Click here to view now.