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:
- Rehiring and training
- Lost productivity (average time to fill is 68.5 days)
- Increased base salary rate
- 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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