How to Calculate What Staff Turnover is Costing You

Did a long-time employee just hand in their 2-week notice?

Are you worried about how fast you’ll be able to find a reliable replacement?

Hiring the right people is extremely important for every business owner. That’s because staff are the most important resource in any company. Replacing an employee can cost significant money, time, and effort.

To avoid making an expensive and frustrating hiring mistake, you need a way to evaluate your company’s turnover data.

In this post, I explain some facts about turnover, why it relates to organizational risk, and how to calculate the total annual cost of adding new staff.

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What You Can Do to Boost Risk Intelligence After Losing Staff

If you own a business, you are responsible for every detail in your company: hiring, firing, and everything in between.

When a key employee hands you their resignation letter… what is your typical response?

Do you feel alarmed, frustrated, nervous, or angry?

Are you afraid of what could go wrong?

Without a clearly defined processes to deal with unexpected turnover in your company, you will be facing a lot of unknowns. Risk Intelligence is the ability to perceive what could happen before it happens.

If you feel blindsided by a sudden resignation, or shocked by events that forced you to fire key staff members, then it’s time to boost your level of risk intelligence.

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