As we begin the new year, I urge you to ask yourself “How much is staff turnover costing my business?”
Ideally, business and HR leaders want to keep the employee turnover rate in their organisation as low as possible. According to industry insiders, a 10% turnover rate or lower is considered good, especially if the attrition comes from the bottom performers.
10% is a good number to keep things fresh with new employees bringing new ideas with them.
Unfortunately, last year we spoke to many companies suffering from 2-3 times that %, especially in the hospitality and NFP sectors.
Worse still, if you have a high turnover of staff and many of your leavers are your top people, you are in serious trouble.
If you don’t have an employee engagement strategy in place to attract and retain talent and drive the passion in your employees, the high cost of turnover is going to seriously affect your bottom line.
To calculate how much employee churn is costing you, click on the link below, but be prepared for a surprise.
https://browniepoints.com.au/employee-retention-calculator/
If the figures shock you, the time to act is now.
I guarantee your competitors will be looking to steal your top talent if you don’t.
Tony Delaney, CEO Brownie Points Software.