Employee retention - C-Link Consulting

The Great Knowledge Loss

Nick Welham — Tue, 03 May 2022 02:15:00 +0000

The Great Knowledge Loss

You probably have seen many articles about "The Great Resignation" but his Visier Insights Report report shows a critical increase in resignations for long-term employees. When you look at the trends, what really becomes apparent?

Companies are losing their knowledge

Companies are really going to struggle when they lose employees who know how to get things accomplished in the organization's culture. The interpersonal relationships that these employees formed over the years and the social capital they built up are lost.

Replacement is a struggle

Companies with long-term employees are generally not set up for a sudden increase in hiring; it puts a strain on the system. When you have a few new employees it is much easier to vet them and ensure they are fit for your values.

How can you prevent this and prosper?

Consider tools like The Predictive Index to:

1. Ensure that your workforce is in the right seat, happy, and engaged.
2. Reduce the frustration and burden of recruiting; Selecting employees that match your values and will integrate into your teams.

Your solution

C-Link Consulting is a Predictive Index Certified Partner. Call us at (248) 781-0150 or fill out the contact form below to learn how the predictive index can help you.

Learn more

The post The Great Knowledge Loss first appeared on C-Link Consulting.

How employee turnover impacts revenue

Nick Welham — Sat, 29 May 2021 21:10:51 +0000

In addition to the upset, extra work, and frustration employee turnover causes, what does it cost you?

Disruption to production and morale
A loss of expertise in the team
A loss of revenue

Use the form below to calculate the impact employee turnover has on your business.

How can you reduce turnover?

1. Take proactive steps to ensure new hires are good behavioral fits with your team.

2. Develop and communicate a strategic plan and share it with your team. Everyone wants to feel that their work has meaning and purpose.

3. Understand what your culture means to your employees. You see it one way, but how do they see it? Conduct a quick poll to see who knows your company's mission, vision, and values. Are they bragging about where they work?

How can we help?

If you are too busy to start any of these, are frustrated by your problems, but haven't given up, then consider outside help. Schedule a demonstration to see how:

1. The Predictive Index software can both make the hiring process easier and gives you a better selection of high-performing candidates.

2. “A strategy on a page” delivers accountability at every level and a clear sense of priorities.

3. A unified culture, values, and behaviors can raise productivity, reduce turnover, and make your environment exceptional.

Why not wait and see what happens?

There are many other employers who have open positions, will pay for your employee's expertise, and offer a more prestigious title.

C-Link Consulting can help you avoid the disappointment of losing team members and the effects on your business's profitability. If you want to learn more about how to engage and excite your team, call (248) 781-0150 or email hello@c-link.consulting

Notes:

1. This does not include the time and cost it takes to advertise and interview. Neither does if factor in the impact on other employees and any overtime, production flow issues and missed deadlines

2. The average US job vacancy took 43 days to fill in September 2018: https://resources.workable.com/blog/recruiting-kpis. There was considerable variation depending on the position - from 33 days for customer service to 58 days for engineering.

3. Another source for calculating the cost of vacancies: https://drjohnsullivan.com/uncategorized/cost-of-vacancy-formulas-for-recruiting-and-retention-managers/

4. 25% voluntary turnover - Bureau of Labor Statistics, JOLTS March 2021: https://www.bls.gov/news.release/pdf/jolts.pdf

The post How employee turnover impacts revenue first appeared on C-Link Consulting.

The true cost of unfilled employee positions

Nick Welham — Mon, 12 Nov 2018 22:00:37 +0000

It's always upsetting when an employee chooses to leave your team and in addition to the immediate loss, there are three key effects:

More work for you and your team
A loss of expertise in the team
A loss of income for you and for the business

Click here to jump to the calculator

1. More work

Pushing more work on your plate or on your team has a direct effect on whether someone else will consider leaving. If you decide to take on extra responsibility, then it takes away from the amount of time you put in to crucial soft skill areas of team building. If your team picks up the extra work, then can feel burdened, unhappy and ready to look for a new position. Moreover, they know their ex-team member now has a more lucrative role.

2. Lost Expertise

Experts say it takes about 2 years to become full familiar with a new role and organization. This requires a considerable investment of your time and HR time to get the new person up to speed. This all costs money and which leads to point three.

3. Lost Revenue for you and the company

At a personal level, consider how losing a team member will affect your ability to hit quotas and bonuses. At an organizational level there will be an effect on customer service and satisfaction which can have long-term consequences.

Adding it all up

The form below allows you to determine how much money is lost when someone quits.

How do you increase employee retention?

Employees are not going to stay in a job because you pay them a good wage, they stay because they feel part of something meaningful. There are many other employers who have open positions and will pay them more or offer a more prestigious title.

C-Link Consulting can help you avoid the disappointment of losing team members and the effects that it has on your business profitability. If you want to learn more about how to engage and excite your team, call 248-781-0150 or email hello@c-link.consulting.

Notes:

1. This does not include the time and cost it takes to advertise and interview. Neither does if factor in the impact on other employees and any overtime, production flow issues and missed deadlines

3. Another source for calculating the cost of vacancies: https://drjohnsullivan.com/uncategorized/cost-of-vacancy-formulas-for-recruiting-and-retention-managers/

The post The true cost of unfilled employee positions first appeared on C-Link Consulting.

Stop Complaining About Your Colleagues Behind Their Backs

Nick Welham — Mon, 15 Oct 2018 12:52:04 +0000

HBR posted an interesting article about how a “confirmation expedition” affects the reputation of those who gossip more than their targets. I think that the third strategy for not engaging in this behavior (towards the end of the article) should have been: “Make it a personal policy to talk to the person you have a misunderstanding with, so you can appreciate their issues and explain the effects of their actions”. While you can ask others to come to you, actions speak louder than words. Anyone (and especially leaders) who can resolve issues in a non-contentious manner will boost their reputations as trustworthy problem solvers.

To see the article at HBR.org

The post Stop Complaining About Your Colleagues Behind Their Backs first appeared on C-Link Consulting.