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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How to Do a Year In Review

It’s that time of year… to review whether you have reached your goals!

As a business owner, you may feel ready to leave last year behind and move forward—especially if you’ve experienced failure: Disappointing sales, high staff turnover, unpaid invoices, frustrating delays, or negative outcomes.

financial crisis, downward trend, low profits, decreased revenue, bad results

But we shouldn’t avoid talking about failure. It may be easier to talk about happy things, but there are just as many (if not more) reasons to review the unpleasant ones.

In this post, I’ll explain the benefits of using a Year In Review, and how to start.

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Why #MeToo Inspired Me to Be Transparent and Share My Failures

The following is my perspective on owning a business, experiencing trauma, and bringing my failures to light.

I used to hate the idea of sharing details about my personal life or business publicly, mostly because it’s not fun to get rejected by strangers. As an entrepreneur, my business and personal decisions are intertwined; so negative feedback about my company can feel like a personal attack.

Sometimes, it seems like everyone else is succeeding while you’re the only one struggling. But the truth is, we all face challenges of some sort. Most of us just don’t like to talk about it. Because being transparent is scary.

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How to Use Good and Bad Pain in Decision-Making

This is the second in a 3-part series about Pain and Decision-Making.

 

Part 1 | Part 2 | Part 3

 

Although pain is usually viewed as harmful (“bad pain”), it can also help us (“good pain”). Let’s examine the useful kind.

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