Profit - C-Link Consulting https://www.c-link.consulting Drive value and maximize your exit Wed, 31 Jan 2024 19:37:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.c-link.consulting/wp-content/uploads/2018/05/cropped-C-Link-Site-Icon-32x32.png Profit - C-Link Consulting https://www.c-link.consulting 32 32 How employee turnover impacts revenue https://www.c-link.consulting/how-employee-turnover-impacts-revenue/ Sat, 29 May 2021 21:10:51 +0000 https://www.c-link.consulting/?p=1725 In addition to the upset, extra work, and frustration employee turnover causes, what does it cost you?

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

  1. Disruption to production and morale
  2. A loss of expertise in the team
  3. A loss of revenue

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

Image of an office lobby

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

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