"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!"
"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.
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
Chief Happiness Officer
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"There are no traffic jams along the extra mile"
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