HAROBED AND ASSOCIATES’ Post

In the world of business, high staff turnover rates is not just a HR headache-it’s a silent profit killer; but many businesses do not understand this. Every time an employee walks out the door, they take a piece of your company’s heart (and wallet) with them. So here’s the breakdown based on my personal experience. 📌 Recruitment Costs: It’s not just about placing an ad; it’s the hours spent by HR, the interviews, the training of new hires etc. it’s a cycle that costs your business over 35% of your worker’s annual salary, on average. 📌 Lost Productivity: New hires take time to reach the productivity levels of departing staff. During this ramp-up period, your business isn’t just running slower; it’s bleeding potential profits 📌 Knowledge & Experience Drain: When employees leave, they take their knowledge, skills, and connections. This loss is immeasurable and can significantly impact your business’s innovation and service quality 📌 Morale & Culture Impact: High staff turnover rates can create a culture of insecurity among remaining staff, affecting morale and productivity. It’s a silent epidemic that can cripple the strongest teams 📌 Customer Service Disruption: Consistency is KEY in customer service. High staff turnover disrupts this; affecting customer satisfaction and ultimately loyalty 🔍 The bottom line? High staff turnover is more than a HR problem-it’s a strategic business issue that directly impacts your profitability. Therefore, as a business, investing in your people is not just good ethics; it’s a sound business strategy What’s your take on this topic? #businesshealth #staffturnover #profitability #hrstrategy #employeeretention #leadership #businessgrowth #workplaceculture #talentmanagement #humanresources #employeeengagement #costofturnover #businessstrategy #organisationalhealth #retentionstrategies #workforcedevelopment #hrinsights #businessinsights #managementtips #employeesatisfaction

Calculating the cost of employee turnover involves considering various direct and indirect expenses associated with the departure of an employee and the subsequent hiring and training of a replacement. Here's how to calculate it: 1. Identify Direct Costs: - Separation Costs: Include expenses related to exit interviews, severance pay, unused paid time off, and administrative tasks associated with termination. - Recruitment Costs: Factor in expenses for job postings, recruitment agencies, background checks, and pre-employment assessments. - Training Costs: Calculate the costs of training new hires, including materials, trainer time, and any external training programs. 2. Calculate Indirect Costs: - Productivity Loss: Estimate the productivity dip during the transition period, including the time it takes for the departing employee to wind down and the new hire to become fully productive. - Impact on Morale: Consider the impact of turnover on team dynamics, employee morale, and potential disruptions in workflow. - Knowledge Loss: Assess the loss of institutional knowledge and expertise that the departing employee takes with them. 3. Add Other Costs: - Administrative Costs: Account for the time and resources spent by HR personnel and managers in managing the turnover process. - Impact on Customer Satisfaction: Factor in any potential impact on customer service and satisfaction due to staff turnover. 4. Total Cost Calculation: - Sum up all the direct and indirect costs identified in the above steps to determine the total cost of employee turnover. 5. Compare with Industry Averages: -Benchmark your turnover costs against industry averages to gain insights into how your organization's turnover expenses compare with others in your sector. 6. Analyze and Take Action: - Analyze the calculated turnover costs to understand the financial impact on your organization. - Use this information to develop strategies to reduce turnover, improve employee retention, and optimize talent management practices. By systematically assessing the costs associated with employee turnover, organizations can make informed decisions to minimize turnover-related expenses and foster a more stable and productive workforce. #NextOneStaffing #ExecutiveSearch #EmployeeTurnover

The True Cost of Turnover: Why Hiring Right Matters More Than Ever In today's competitive job market, employee turnover can feel like a revolving door. You spend countless hours recruiting, interviewing, and onboarding new hires, only to see them leave within a month or two. But the true cost of turnover goes far beyond wasted time and resources. It can cripple your bottom line. Employee turnover may be costing your business more than you think. Especially in regional areas where the candidate pool is even shallower. This is where the concept of an employee replacement calculator comes in. These tools, like the one we offer here at You Solved, help you quantify the hidden costs associated with replacing a departed employee. It factors in not just recruitment fees and lost productivity, but also the impact on morale, customer satisfaction, and even brand reputation. That's why we live by the mantra 'hire once and hire well'. Take the first step towards building a high-performing team. Download our Employee Replacement Calculator. https://lnkd.in/gxisGyjE

Know thy customer. I'm constantly striving to deepen my understanding of our clients and prospects. One of the most effective ways I've discovered is by exploring #HarvardBusinessReview for insights tailored to our buyer personas. The repository at HBR offers a wealth of current and archived content covering every business role and function. Take, for instance, the article "HR's New Role," by @Peter Capelli and Ranya Nehmeh a must-read for anyone engaging with HR professionals. While this recommendation focuses on HR, HBR provides extensive resources for various functions, industries, and roles within business. Don't hesitate to share articles like these with your buyers to keep them informed. Remember, a small tip can go a long way in comprehending your buyer and delivering value and insights. 💡 Disclaimer: In the Funnel has no commercial affiliation with HBR, ensuring impartial advice. #professionalsales #Harvard #HR #HBR

Know thy customer. I'm constantly striving to deepen my understanding of our clients and prospects. One of the most effective ways I've discovered is by exploring #HarvardBusinessReview for insights tailored to our buyer personas. The repository at HBR offers a wealth of current and archived content covering every business role and function. Take, for instance, the article "HR's New Role," by @Peter Capelli and Ranya Nehmeh a must-read for anyone engaging with HR professionals. While this recommendation focuses on HR, HBR provides extensive resources for various functions, industries, and roles within business. Don't hesitate to share articles like these with your buyers to keep them informed. Remember, a small tip can go a long way in comprehending your buyer and delivering value and insights. 💡 Disclaimer: In the Funnel has no commercial affiliation with HBR, ensuring impartial advice. #professionalsales #Harvard #HR #HBR

Ever feel like HR decisions are a tightrope walk between speed and accuracy? In my 2 years of leading as a HR leader, I've learned that quick, informed choices are our superpower. Here's my battle-tested guide for making solid calls when the pressure's on: 1. Trust Your Gut: Your instincts are built on experience. Don't ignore that nagging feeling. 2. Know Your Policies: Keep key guidelines at your fingertips. They're your North Star in stormy seas. 3. Phone a Friend: Build a network of trusted advisors. A quick call can provide invaluable perspective. 4. Embrace the 80/20 Rule: Perfect is the enemy of good. Aim for mostly right, then refine later. 5. Document, Document, Document: Jot down your reasoning. It's your safety net and learning tool. Remember, indecision is a decision too - and often the worst one. I've seen teams thrive when HR moves decisively. It builds trust and keeps the business humming. Sure, it's nerve-wracking at first. But with practice, you'll find your stride. What's your go-to strategy for making quick decisions? #emails #workethics #hr

SIMPLY SPEAKING…By Arun Sekhir Mostly, it is said that employee turnover is not good for the organizations. But employers should remember that turnover is not that bad either. What is required is an optimum mix of turnover, not too high-not too low. An optimum mix of employee turnover can help in many ways. A little rate of employee turnover may result into: 1. Bringing in new ideas and skills from new hires. 2. Better employee-job matches. 3. More staffing flexibility. 4. Facilitate change and innovation and high rate of turnover may lead to decrease In 1. Productivity 2. Service delivery 3. Spread of organizational knowledge

📊 𝟭𝟬 𝗘𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝗠𝗲𝘁𝗿𝗶𝗰𝘀 𝗘𝘃𝗲𝗿𝘆 𝗛𝗥 𝗠𝘂𝘀𝘁 𝗞𝗻𝗼𝘄 𝘁𝗼 𝗦𝘁𝗮𝘆 𝗔𝗵𝗲𝗮𝗱 In today's competitive business environment, HR professionals need to be equipped with the right metrics to drive organizational success. Here are 10 essential metrics that every HR professional must know: 1. Revenue per Employee: Measure the economic output generated by each employee to assess organizational efficiency. 2. Talent Turnover Rate: Understand the turnover rate of your top talent to better strategize retention efforts. 3. Cost per Hire: Quantify the average investment required to recruit new staff, optimizing your hiring process. 4. Total Labor Cost: Get a comprehensive view of the total expenditure on workforce, crucial for budgeting and financial planning. 5. Engagement Rating: Measure how engaged your employees are, crucial for fostering a productive and happy workplace. 6. Employee Happiness: Gauge the overall well-being and satisfaction of your staff, which impacts retention and productivity. 7.HR-to-Employee Ratio: Ratio of HR staff to total employees. 8. Absenteeism Rate: Percentage of workdays missed due to unplanned absences. 9. Time to Fill: Average number of days it takes to fill a vacant position. 10. Offer Acceptance Rate: Percentage of job offers accepted by candidates. These metrics provide valuable insights to help HR professionals make informed decisions and drive organizational growth. #HRMetrics #HumanResources #EmployeeEngagement #WorkplaceProductivity #TalentManagement #BusinessSuccess