The quickest path to convincing leadership or management they have a problem they can't acknowledge is to lay out action plans and talk about it in dollars. No matter how much prep work or lead time is given, it almost always affects employee experience and can lead other workers to follow suit, increasing the rate of employee turnover.ĭespite that awful feeling that is typically felt throughout the team and organization, only a few put in strategic plans to improve their retention. When someone great leaves an organization, there's always an unexpected hole to fill, in addition to dealing with the cost of replacing an employee. There is no more significant fear or pain as a manager or leader than losing talents, even more so when that person is a high performer or in a position that's challenging to replace. "What gets measured, gets managed." - Peter Drucker We've all heard it time and time again, but this Peter Drucker quote summarizes it succinctly. Why Does Leadership So Often Ignore Employee Attrition Costs? In this article, we'll explore some tools to calculate your attrition costs, and finally, we'll look at a few of the best ways to improve your employee retention. ![]() Let's dig in on some of the work being done to soften the cost and rate of employee retention. Employee attrition and conversation around retention must play a leading role in leadership and management strategy. What's The Real Cost Of Employee Turnover?Įmployee turnover cost is talked about so frequently but rarely acted upon, typically for the reason that many in leadership find it to be something either not totally within their control (only partially right), and it's more abstract than talking about adding revenue.Īs industry after industry moves closer to a knowledge worker workforce, people become increasingly important to competitive advantage.
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