Join Kelly and Steve this week as they discuss turnover with #1 Best Selling Author, of the “Quit Alternative”, Ben Fanning.

Turnover is rapidly increasing, primarily because job-hopping is rewarded.  On average, employees receive an 18-20% pay increase by changing jobs and only 3%, on average, as an annual salary adjustment with current their employers. There is also a growing negativity towards organizational loyalty, due in large part to employer layoffs, or downsizing, at the slightest hint of a bad economic quarter ahead.

Turnover costs can be very high and according to Ben consist of four buckets:

  1. Rehiring and training
  2. Lost productivity (average time to fill is 68.5 days)
  3. Increased base salary rate
  4. Ramp up period

Ben says that on average the cost of turnover, per employee, is $235,975!!

HR must first be a business partner to help resolve this issue.  They also need support systems and must be prepared not getting caught flat footed when employees leave.  HR must have a plan.  This week’s podcast addresses this issue.

If you want to know more about Ben, order his book, listen to his podcast (CEO Podcast), or schedule him to present at your organization, he can be reached at: https://www.benfanning.com/

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Podcast Hosts: Steve Nail and Kelly Scheib

Emails:

Kelly@Survivehr.com

Steve@Survivehr.com

You can find us at: survivehr.com, and listen to us on all major podcast carriers.

Sponsors: Haynsworth Sinkler Boyd

https://www.hsblawfirm.com/

https://www.scemployersblog.com/

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Steve Nail is currently the Dean, College of Business, at Anderson University. He is a labor and employment attorney who began his career with the National Labor Relations Board. Thereafter, he served as Assistant General Counsel for Michelin, including two stints in France, where he worked on the structuring of the European Economic Community and served in the HR and Legal Departments. Later he served as the Vice President of Labor and Employee Relations before moving on to Hubbell where he served as the Vice President of Human Resources. Steve was appointed by Governor Nikki Haley to serve on the SC Healthcare Planning Committee and was reappointed by Governor McMaster in 2018. Steve was named the 2012 South Carolina HR Professional of the Year and awarded the Lifetime Achievement Award in 2016, by the Greenville SHRM chapter. He is a frequent speaker, a published author, and mentor to many in the HR profession. He often coaches individuals and consults organizations on strategic matters. He is a Register Corporate Coach, certified by the Worldwide Association of Business Coaches and holds SPHR and SHRM-SCP certifications.