Portrait Of Smiling Business People

Steps to Improve Employee Retention & Why

Portrait of smiling business peopleMany organizations struggle with the development and execution of best practices related to pre-hire support, employee retention, cost of turnover analysis and the creation of effective onboarding.

 

Having executable best practices will bring valuable results to the employees, the workplace and organization. Here are some of the key benefits of focused best practices.

  • Experience more effective hiring by utilizing a pre-hire assessment service.
  • Improve employee retention.
  • Greater workplace satisfaction.
  • Creation of procedures and policies for more effective onboarding of new employees.

 

Understanding the Impact and Cost of Turnover

We understand that turnover will happen whether it is planned, expected or not. Some people don’t see the need for measuring turnover because “it will happen anyway” and they will just deal with it when it happens. Denial is not a solution.

 

The estimated costs of turnover from SHRM are high. Consider these costs:

  • The cost of losing one entry level employee is 50% of their base annual salary.
  • The cost for losing one mid level employee is 150% of their base annual salary.
  • The cost for one specialized employee is 400% of their annual salary.

 

 

Each employee is unique. Each person brings strengths, weaknesses and various skills and talents to the organization. They make positive contributions based upon those skills and talents and their longevity as an employee is valuable to the organization. When they depart for any reason, the new employee will be different and those differences will have an impact on your business, maybe positive or negative, maybe immediate or maybe over time.

 

Consider:

  • Cost or recruiting, advertising, interviewing and screening.
  • Cost of onboarding and managements time in training.
  • Lowered customer service experiences.
  • Lost productivity. It is estimated that some positions take 12 to 24 months to reach the productivity levels of the previous person.
  • Training Costs. It is reported that over a 2 to 3-year period the company could invest as much as 20% of an employee’s salary for training.
  • Lower employee morale and lost engagement of employees due to constant turnover.
  • Creating or evaluating current exit interview policies.
  • Understanding the “Why’s” of turnover

 

Pre-Hire and Employee Development

We believe a personal style assessment can be very beneficial in a pre-hire or post-hire situation. Everything DiSC is not to be used as a “hire” or “no hire” tool as it does not measure skills, knowledge or education. But it is very effective in understanding a person’s behavioral style. We utilize the Everything DiSC family of solutions for the development of people because it has a proven track record of building better communication, more effective relationships and the overall quality of the workplace.

To learn how Inview Consulting can help your organization, give us a  call at 417-320-2607 to speak with a certified Everything DiSC® Consultant.

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