If It Costs Up To 5x A Person’s Salary To Replace Them, Are You Doing All You Can To Retain Talent?

"Companies and management need to get back to some proactive, progressive, solution based-value added thinking that is truly focused on long term and ongoing training and development of their talent. You'll never find and or maintain true jewels or even diamonds in the rough, when you treat your talent like 
"A Dime A Dozen!"

~~Chas L. Perry II 

Good Morning Friends,

The Bizcouch is where thought leaders put their feet up and share their challenges in pursuit of profitable progress and growth. Now Bizcouch has have prepared an insightful video about the cost of talent.

If it costs up to 5x a person’s salary to replace them, are we doing all we can to retain talent?

According to one of my LinkedIn influencers, Josh Bersin, Principal and Founder, Bersin by Deloitte, "I can tell the economy is recovering: we're suddenly seeing companies tell us that "employee retention" has become a critical issue. Let me give you some research-based perspectives on this critically important topic."

Many studies show that the total cost of losing an employee can range from tens of thousands of dollars to 1.5-5X annual salary.

Consider the real "total cost" of losing an employee:

• Cost of hiring a new person (advertising, interviewing, screening, hiring)
• Cost of onboarding a new person (training, management time)
• Lost productivity (a new person may take 1-2 years to reach the productivity of an existing person)
• Lost engagement (other employees who see high turnover disengage and lose productivity)
• Customer service and errors (new employees take longer and are often less adept at solving problems). In healthcare this may result in much higher error rates, illness, and other very expensive costs (which are not seen by HR)
• Training cost (over 2-3 years you likely invest 10-20% of an employee's salary or more in training, that is gone)
• Cultural impact (whenever someone leaves others take time to ask "why?").

And most importantly of all, we have to remember that people are what we call an "appreciating asset." The longer we stay with an organization the more productive we get - we learn the systems, we learn the products, and we learn how to work together.

That's why we are so meticulous about who we even consider for employment here at FSO.

If there's one thing that FSO lives and breathes everyday – it's the employee experience. We focus on motivating and driving the hourly employee to deliver great service with a skip to their step, twinkle in the eye and fire in the belly. We do this in so many different ways:

• Providing an unlimited career path not just a "job"
• Inspire Greatness coaching sessions
• Employee Experience Luncheons to show our appreciation for their hard work and efforts
• Regular Off-site parties to celebrate their great achievements
• Wall of greatness dedicated to onsite staff at each location (photos, certifications, awards etc.)
• Unlimited opportunities for on the spot recognition
• Monthly rewards, incentives and recognition
• Constant communications and motivating messaging from Mitchell Weiner
• Clear succession planning
• The most comprehensive training, awards and recognition programs in the industry, keep our staff happy and WANTING to come to work on a daily basis; resulting in exceptional service delivery to the customer.

We believe people make or break the success of an organization. FSO hires for character, desire and attitude and then takes better care of that individual than one could ever imagine. We take care of our people and in turn, they take care of you.

If you think you have what it takes to be part of the hardest working, fastest growing and more abundant with opportunity outsourcing provider on the planet, JOIN US!

Now get out the popcorn and enjoy this brief but informative film. Then head over to Bizcouch on Facebook and join the conversation.
 

Have a GREAT day as I look forward to seeing all of you soon.

Mitchell D. Weiner
Chief Happiness Officer

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"There are no traffic jams along the extra mile"
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Inspire ME Friday: Be A Rock Star

 “Every employer is out to find the 'achiever' - 'the one who can get the job done', 'the superstar who can make a difference'.

Good Morning Folks,

Hiring people and evaluating talent is one my most challenging responsibilities as a leader. Finding rock stars among them is even trickier.

People always present their best selves in an interview and resume. Often times, I've found someone may look great on paper but if they lack the intangibles, they will be doomed for failure. I like people who can communicate, can verbalize or put to paper their thoughts, and see things from the customer's perspective.

That in mind, to inspire you this Friday and to usher in the weekend on a high note, I am sharing Lou Adler’s excellent performance / leadership article “12 Ways to Spot a High Achiever” that should be a litmus test for "employees you should keep".

Every employer is out to find the 'achiever' - 'the one who can get the job done', 'the superstar who can make a difference'. 

Rock stars in their discipline will float to the top and create their own opportunities by their capacities and their drive. Amazing people like rock stars always look to improve, streamline and make things better and more efficient. That's what gives organizations efficient, building competitive advantage and market share.

But, you can be a high achiever until the cows come home. However, if you work for a company that doesn't recognize high achievement and is unable/unwilling to allow a high achiever to progress and move up, it doesn't matter. At that point, the high achiever moves on.  

And that’s exactly how FSO is finding rock stars and building teams that will forever shine above the rest. Because here we DO care about the training and motivation that’s required to offer an employee a sustainable, fulfilling career. Where going to work is fun whereas previously employed by our competitors, it has been the other way around.

Now over to Lou:

As part of my day job, I run a company that trains recruiters and hiring managers on how to attract, assess and hire top performers using Performance-based Hiring. 

Being pretty cynical and somewhat analytical, the following is how I go about spotting a high achiever. (Note: job-seekers can use this information to make sure the Achiever Pattern is easy to spot on both your resume and LinkedIn profile if you have it. If you’re not quite there yet, use these tips to find a job that offers you the chance to get into this elite 25%. See point 6 below for the importance of this.)

==>They've been assigned difficult challenges ahead of their peers. 

The best people, including engineers, accountants, and sales reps, plus everyone else, are typically assigned tasks, clients and projects that are normally given to more senior people. If it happens regularly, especially during the first year of each new job, you’ve found tangible evidence of the Achiever Pattern.

==>They volunteer or ask to be assigned to projects over their heads. 

A person needs a lot of confidence to take on a task where they have little or no experience. If they’re successful at it multiple times, the person deserves double bonus points.

==>They’re put on important multifunctional teams. 

Managers assign their strongest staff members to critical team projects. Look for a consistent pattern, including teams growing in size, importance and impact over time. This is great evidence of strong team skills, as well as the Achiever Pattern.

==>They get a chance to demonstrate their abilities to more senior executives. 

Managers put their subordinates in front of a company exec to both demonstrate the manager’s good judgment, and to help the subordinate get more exposure.

==>They get promoted more rapidly. 

Look for promotions due to exceptional performance. More proof: a consistent track record of increasing responsibility at different companies.

==>The reason they change jobs is long-term career focused. 

For each job change, ask the person how they got their new job, why they changed jobs, and if these objectives were met. Changing and accepting jobs is one of the most important decisions a person can make. Make sure you hire people who have made them wisely.

==>They’ve established and achieved major goals. 

Rather than asking about a person's goals, ask first about the biggest goal they’ve already achieved. Then ask how they’re going about achieving their next one.

==>They’ve been rehired by a former manager. 

Top managers tend to rehire their best subordinates from previous companies.

==>They rehire their former subordinates. 

Ask more seasoned managers if they’ve ever hired someone they’ve worked with in the past. Top people follow other top people.

==>They’re the “go to” person inside their department. 

Find out where the person has been recognized for outstanding work and where they’ve coached others. Map this to what you need done.

==>They’ve received formal recognition outside of their department. 

The best people have reputations beyond their department and function. It could be a company award, a white paper, a fellowship, speaking at a conference, or assigned for special training.

==>They were mentored and /or mentored others. 

Just ask, and look for a continuous pattern. Then find out why, and the results.

Many times candidates overlook these important factors, so it’s up to the interviewer to seek them out. Once you hire a few top people this way, you’ll realize it’s worth the extra effort.

Love Life!

Have a Happy, Healthy and COOLER Weekend,





Mitchell D. Weiner
Chief Happiness Officer  


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"Success is getting what you want. Happiness is wanting what you get."
-- Dale Carnegie
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Lou Adler (@LouA) is the creator of Performance-based Hiring and the author of the Amazon Top 10 business best-seller, Hire With Your Head (Wiley, 2007). His new book, The Essential Guide for Hiring & Getting Hired, (Workbench, 2013) has just been published.