Your people leave you for all sorts of reasons. In some cases it’s because of a better job. Sometimes it’s beyond your control and sometimes not.
What is crystal clear is that the cost of losing an employee, especially a valued one, goes way beyond needing to find a replacement. It has all sorts of ripple effects on your customers, your management team and other employees.
Co-workers know when a teammate is looking for a job. Conversations move into discussions about why he/she is leaving. That often evolves into into “I wonder if they’ll know of a job for me?” The impact is even stronger if the co-worker is their boss, as they’re wondering “Does he/she know something we don’t know?” Then consider the time wasted as employees worry about who their next boss will be.
So let’s be honest about our hiring mistakes and take a hard look at the real costs of losing an employee.
Impact on productivity
Impact on Customers
Impact on Intellectual Capital
Costs to Find a Replacement
The moral of this depressing story is two-fold. Number one is to optimize your hiring process so that all of your managers are doing the best job possible. The second is to hire for attitude so that the people you have can hopefully be coached and supported ‘up’.
For information on becoming ‘best in breed’ in your hiring process and benchmarking against the competition, check out Brightlights Peoplescope offering. We’ll sit in on Manager interviews, go through a 50 point benchmarking checklist, get feedback from employee’s that have left (they never tell the truth in exit interviews!) and gain insights from candidate’s that you wanted to hire but turned you down.