Your organization's annual employee turnover rate is bleeding your bottom line.
A company with 150 employees typically has an annual turnover rate of @11%.
If it costs $25k to hire and onboard a single employee, while losing $10k in development and a loss of $50k of interrupted existing productivity and missed opportunities, then those 16.5 turn over employees have cost this company about $1.57 million. While Hospitality has a voluntary turnover rate of 20.7% and the legal sector is able to maintain the highest earners, we are still seeing a high number of turnover rates across the world.
Reducing turnover employees by just 20% would save this company about $300k, which can now be allocated to new ventures.
This also helps support the existing employee's emotional drain, professional headaches, and says little about the emotional headache and cultural disruption felt from losing great people.
For larger companies of 1000 or more, expect the annual turnover rate to start @ 15%, bleeding the bottom line.
We take our clients, who are frustrated business owners like you, and reduce the employee turnover rate typically by 50%. We do that with THE MENTORING PROCESS, a 7- step proven system that works for any organization.
If you want to know how the Mentoring Process can reduce your employee turnover rates, let's talk: https://calendly.com/doug-lawrence
Doug Lawrence is an extraordinary mentor and mentor certification trainer with TalentC and is the International Mentoring Community Director of Education.
Doug shows organizations how mentoring programs will influence a happy workforce culture (mentors), improve employee productivity (mentees), reducing costly employee high turnover (onboarding), improves the bottom line (organizations), which saves 150% to 200% of the annual salary of each departing employee. He provides one-on-one direct mentoring for individuals and groups, all backgrounds and industries locally and internationally.
Doug is an International Certified Mentor Practitioner (ICMP), an International Certified Mentor Facilitator (ICMF), and has obtained his Certificate of Achievement – Mentoring and his Certificate of Competence – Mentor from the International Mentoring Community (IMC).
An international speaker and author of The Gift of Mentoring (2014), Doug's second book is set to publish in late 2020.
Do you have a workplace crisis or issue to resolve? Schedule a time to meet with Doug: https://calendly.com/doug-lawrence