1. Build a positive relationship with their supervisor.
2. The opportunity to remain marketable by improving work skills and making work-related decisions.
3. Appropriate sharing in the financial success their efforts help generate.

Begin with these three steps and the rest will follow.

The US Department of Labor estimates that it costs a company one-third of a new hire’s annual salary to replace an employee. Using a wage rate of $6 an hour, it costs a company $3,600 for each departing employee.

“The financial and non-financial outcomes of reducing employee turnover are significant. Reviewing various aspects of your organization and taking appropriate action will help you reduce your organization’s employee turnover. While this process requires time and effort, it will save the organization time, effort, and money in the long run. The result of this process is improved organizational performance, productivity, and profit.”

- Joan Brannick, Ph.D. of Brannick Consulting, Tampa, Florida

Employee turnover is not only very costly to every organization and, ultimately, takes its toll on organizational performance, productivity, and profit. There are direct and indirect costs associated with employee turnover. Direct costs include the time involved in recruitment, selection, and training of new personnel as well as the costs associated with advertising expenses and manpower. The time a manager spends in the selection process could otherwise be devoted to other management responsibilities of his or her everyday function. Indirect costs include the increased workloads as coworkers pick up the slack until new employees are hired and trained as well as the decreased productivity associated with low employee morale.
Identify characteristics of your organization and the job that contribute to employee turnover. Review your organization’s recruitment strategies. Specify your recruitment goals and identify the appropriate applicant pool or pools. Examine your employee selection methods. Analyze your performance management and compensation practices. Evaluate your employee training and development activities.

Looking to learn more about how to hire the best? Hire the professionals: hire the best recruiters to do help you build a company of choice. Consultants can eliminate the worry of attrition and the costs involved! PinPoint Resources is happy to counsel you on how to pave the way to becoming a place where employees and consultants alike want to come to each and every day!

Become a company of choice and at the same time eliminate the highest cost of doing business: Attrition.