Employee Engagement
- Worried about much staff turnover is costing your company?
- Is employee morale suffering due to employee churn (which is predicted to increase over 2011)?
- Struggling to hire the right people?
Follow these links to learn more:
The cost to replace 1 employee is estimated to be up to 200% of their annual salary (depending upon experience and level of responsibility)? Employee turnover could be costing your company millions!
Let's do the numbers:
- For a mid sized company of 500 people with just 10% annual turnover (that's not that much!), an average salary of $80,000 and a conservative cost to replace of just 75% of their annual salary your company is losing at least $3,000,000 / year.
But more than that, employee turnover affects company morale, your ability to compete in your market niche and your ability to react to changing market conditions.
But that's not the worst of it!
- Candidates will become increasingly difficult to replace in Australia with the unemployment rate expected to dip below 4.75% in 2011.
- We are still in the midst of a 30 year critical labour shortage first predicted by McKinsey Consulting back in 1997. Baby Boomers will start to retire this year and there are not enough Gen X and Gen Y's on the planet to take their place.
- Two recent Australian studies show that up to 1/3 of your employees are currently looking for new opportunities post GFC!
Are you as prepared as you should be?
- Are you utilising all available resources (including those online) to hire the right people?
- Are your managers' interview styles truly "up to scratch"? Do they really know how to identify talent and are they "wooing" the ones you want or driving them away?
- Once hired, do you know how to really engage your staff (especially those pesky "Gen Y's?")
- Are you and your managers providing your staff what they need to give you their best work?
- Are you truly providing your staff with the career development (either vertical or horizontal) they crave to keep them happy?
