Can you afford to lose good people?

Written by Michelle Mook on . Posted in Sunflower Diaries

I quit We all know how hard it can be when you lose a key member of the team. When you lose talent, it impacts in so many ways.

• There is a sadness that comes from losing the day to day contact with someone who often has become a friend.

• People are often unsettled by the change and start to query their own career and whether its time for them to move on too.

• Then of course there is the increased workload and frustration that can bring.

• Loss of knowledge is a massive risk and can slow down what was a slick and efficient process.

• Someone in the business needs to find time to recruit and finding the right person is not easy – ask any recruiter!

• Once the person has been selected, they require a full induction, not just a tick list of things to show someone in the first week. We mean a 6-month induction programme to support people in their new role.

• Oh and of course, someone in the business will need to design and manage the induction process and the list goes on!

The true cost of losing an employee has been estimated by the Hayes Group to cost between 12 – 18 months of a person’s salary. With the current average salary, you could be looking at a financial loss of anywhere between £25k – £39k! Staggering isn’t it? So here are some questions for you:

• Can you afford to lose good people?

• Do you know if one of your best people is considering leaving?

• Are you doing everything to ensure that people want to stay?

• Do you know what is motivating and engaging your teams to ensure they are giving their best?

These are difficult questions, but focussing on employee engagement will help you to answer them. Gaining insight into employee engagement in your business means you are well informed about employees views and feelings and this enables you to focus your energy (and resources) on doing the right things, and those ‘right things’ will probably make the difference and be enough to retain your talent.

If you would like to find out more come along to one of our Employee Engagement sessions. Click Here for more details.

Trackback from your site.