The real cost of employee turnover retriever digital signage

The Real Cost of Employee Turnover

Your business’ most important asset is your employees. Recruiting the right people to your team is one challenge, but keeping them there requires a strong communications strategy and commitment to employee satisfaction.

When you do lose an employee, you probably think about the costs of hiring someone new as advertising for the position, possibly contracting a recruitment service, or paying a temporary replacement. In reality, though, the cost to your business is much higher.If your business isn’t measuring the true costs of employee turnover, then you’re probably overlooking simple, cost-effective strategies you can employ to reduce turnover.

Maia Josebachvili, VP of of People at Greenhouse reports that small improvements in the organization’s culture, management, and development that work towards employee retention for a sales person can make a $1.3 million impact on the business over three years.

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Even more conservative reports put the cost of employee churn at 1.5-2x the salary of that employee. Josh Bersin of Deloitte explains that the costs of an employee loss are sometimes overlooked:

  • Cost of hiring
  • Cost of training, management time in onboarding
  • Lost productivity from new hire
  • Lost engagement from other employees
  • Customer service and errors due to inexperience and inefficiency
  • Training cost invested in previous employee
  • Cultural impact on staff as a whole

“Most importantly of all, we have to remember that people are what we call an ‘appreciating asset,'” writes Bersin, “The longer we stay with an organization the more productive we get – we learn the systems, we learn the products, and we learn how to work together.”

When you examine the catalysts to employee turnover, many could be avoided with improved communication in your organization.  That’s where digital signage can be of great use to you.

Retriever Digital Signage is completely customizable to your business. Our team works with yours to determine the best placement and strategy for accomplishing your communication goals.

We believe Retriever is the perfect solution for communicating with your staff because our digital signage is:

  • Customizable
  • Digital
  • Quickly & easily updated
  • Simple to use
  • Repeating
  • Visually appealing
  • Highly visible
  • Syncs seamlessly in multiple locations
  • Affordable
  • Entertaining
  • Optimized for video, text, and photos

… and those are only a few reasons!

Imagine your business had reached an exciting goal – let’s say you landed a significant new account. In your regular business model, you’d acknowledge those who worked hard to land the account at your next staff meeting – maybe a week or more after the exciting moment had passed. The energy and satisfaction of the moment has been lost at that point, and everyone’s nose to the grindstone trying to get the additional work done for the new account.

Now, let’s imagine the same scenario, but with Retriever Digital Signage positioned strategically throughout your business. The day the account is landed, moments after the team returns to the office with their good news, you put this slide up on your playlist for the day:

GreatJobSales(This took less than 30 seconds to make, schedule, and launch!)

When the team returns to the office, they are greeted with high fives and congratulations. While their energy is high from the exciting success, they feel celebrated and valued as team members. Employees do not easily leave a company where they feel valued and celebrated.

We can help you design a communications strategy that decreases churn and improves morale. Send us an email, and let’s chat!

This entry was posted in Business Goals, Communication, Human Resources, Small Business and tagged , , , , , . Bookmark the permalink.

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