Conquering Employee Turnover Costs

Elsmar Forum Sponsor
#12
Thanks for sharing this excellent article Jennifer.

Originally Posted by Wes Bucey

Wes Bucey said:
I admire the ability to make a fiscal justification for dealing with employee retention.

I fear, however, that the managers who are most guilty of "pushing" the exodus of workers from their organizations are exactly the ones who will NOT be open to using tools to document the costs the actions (or non actions) of those managers detract from the bottom line.
I work for a private company that has been in existence for 67 years. We have no formal evaluation process in place to offer managers or employees the promise of reward for merit or loyalty. (Socialism?) Inside this never changing world exist a few very narcissistic managers who manage and control the whole machine. Wes' quote describes this horror to a T.

Interestingly enough at age 43, I find myself being described in part in the comments about pigeon holing and inability to gain advancement quickly enough. I do like many of the challenges of my current job, but I do find myself in conflict with the "old school" values that exist here.

I hope to share your thought provoking article with some of my afformentioned peers. That is if they'll actually take time to read.:rolleyes:
 
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Wes Bucey

Prophet of Profit
#13
Thanks for sharing this excellent article Jennifer.

I work for a private company that has been in existence for 67 years. We have no formal evaluation process in place to offer managers or employees the promise of reward for merit or loyalty. (Socialism?) Inside this never changing world exist a few very narcissistic managers who manage and control the whole machine. Wes' quote describes this horror to a T.

Interestingly enough at age 43, I find myself being described in part in the comments about pigeon holing and inability to gain advancement quickly enough. I do like many of the challenges of my current job, but I do find myself in conflict with the "old school" values that exist here.

I hope to share your thought provoking article with some of my afformentioned peers. That is if they'll actually take time to read.:rolleyes:
You don't say much in your Profile about your current situation, but I want to stress that in today's world, ALL jobs should be considered "temporary."

We have some excellent tips in the threads listed below for helping someone assess his true value and worth to an organization and, even better, how to transfer that knowledge to a decision maker in your current or future organization so you can achieve that potential.

As always, I suggest folks start their job quests by reading through the tips offered in these threads:


Candidates:
Thinking about a New Job for New Year?
http://elsmar.com/Forums/showthread.php?t=19619
Resume and cover letter - How good are yours?
http://elsmar.com/Forums/showthread.php?t=10169
The Job Hunt - Care and feeding of references
http://elsmar.com/Forums/showthread.php?t=19094
Tips to get past the "gatekeeper" when job hunting
http://elsmar.com/Forums/showthread.php?t=9325
 
#14
Managers have embraced catchy slogans, bonus and incentive programs, $40.00 posters and pep rallies in efforts to make their employees feel like family members. The effort has often worked—at least for a while—but employee dissatisfaction often surfaces again. The price for employee unhappiness ranges from listless performance on the job, to lost customers and in the employees’ defection to competitors. We must conquer this expensive enemy, especially as the labor market heats up again.

Finally, measuring results is easy!

The Stealth Quality Series is written to suit a wide range of organizational managers. The articles describe subjects, explain the spreadsheet tools and include instructions with enough detail to empower even nonskilled spreadsheet users to succeed in real time analysis, today.
Hi Jen, some years after this post, the useful information arrives to me... I´ve been checking some formulas and regarding folder 3 "employee turnover" in line 23/18: CPH " Avg. total cost for processing incoming/exiting personnel "; I´d like to understand why it is being multiplied by 110% ( cell D23) =((D11+((D12*$F10)+(D13*$E9)*110%))/D6)+((SUM(D16:D22)+(((D14*$F10)+(D15*$E9))*110%))/D7).
Do you know the meaning of it?
Thank´s a lot
 

Jen Kirley

Quality and Auditing Expert
Leader
Admin
#15
Hello jlzepol,

However much we would like to completely list all of the types of turnover costs, we can't. A major example here is the cost of lost productivity. That is an opportunity cost not a direct cost. Because it is so hard to quantify - and indeed will itself vary, even in the same process - I compensated with the 110% factor. If this is a concern, feel free to change 110% to 100%.
 
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