We know that the pandemic has certainly affected jobs and positions throughout the United States, regardless this figure has impacted industries through time. A simple yet effective equation for understanding a cost that all businesses incur: turnover.
Some industries have a turnover as low as 1-2% while others hover around 15%. While these numbers may not seem substantial in size, the fact is turnover can cost between 50% and 213% of that position’s salary depending on the employee’s skill level. There are many reasons for employee turnover including lack of further opportunity within the company, being overworked, lack of feedback or recognition, and better opportunities elsewhere. We’ll outline some different options to address employee turnover regardless of industry.
1. Invest in employee professional development
CFO: What happens if we train them and they leave?
CEO: What happens if we don’t and they stay?
Professional development can come with associated costs but the benefits can greatly outweigh these costs. Investing in your employees’ professional development increases their skills for their position but also lets them know they are valued and worth the time and costs associated with additional training. There are several opportunities for training, whether that be in-person classes or online. There are even grants available so check in with your local career associations or state offices.
2. Provide consistent and thorough feedback
Feedback should be a two-way street. Employees should feel comfortable enough to bring any questions or ideas your way and vice-versa. A quarterly or annual review allows employees and management alike to take a comprehensive approach to performance critique and praise. This isn’t to say that these reviews are the only time to comment on performance. Having these reviews also allows employees to take charge of their goals within the company and monitor their progress.
3. Iron out the hiring process
Job descriptions aren’t always as clear as they should be, and this creates confusion and can lead to candidates who just don’t fit the position. Accurately describing the role in the job description will ensure that those who apply are more likely to fit and be qualified for the role within your company and culture. Having the right team or person in charge of interviewing can make a huge difference, so be sure they have the skills and education necessary to succeed.
4. Don’t hire a person, hire a company
Of course this option doesn’t always make sense, but when it does, it has a multitude of benefits. Verify! doesn’t replace your IT department but can fill a position that allows your IT team to excel and thrive within their area of expertise. Verify! offers telecom, internet, and wireless analyses that offer recommendations and savings but we also offer a managed service platform that saves our clients the headache of finding someone internally to manage the complexities of telecom, internet, and wireless. Not only are you looking at additional savings, you’re looking at a whole team dedicated to managing repairs, down-time, changing needs, growing locations, and so much more. You don’t have to worry about turnover if you hire Verify! to fill the gap. Call us today to speak with an analyst to drastically reduce your cell and telecom bills while future-proofing your unique business needs.