Welcome back to Small Business School! Today, we're diving into the hidden costs of employee turnover. If you've ever questioned those hefty price tags people put on employee turnover, you're not alone. Let's unpack why these costs are hidden and how they impact your business!
Topics Covered:
- Unseen costs in profit and loss statements; employee turnover costs are often hidden in opportunity costs and employee inefficiencies, making them hard to spot directly.
- Creating job ads, screening candidates, and interviewing take significant time and money that could be spent elsewhere.
- Prepping workspaces, legal documents, and integrating new hires into the team are time-consuming and costly.
- Without proper systems and leadership, the cost of turnover increases significantly due to inefficiencies and loss of knowledge.
- Investing in leadership skills and fostering a strong company culture can reduce turnover and its associated costs.
Understanding these hidden costs behind employee turnover can help you better manage your team and resources. Let's keep improving our leadership and systems to minimize these expenses and create thriving businesses!
Have questions about what this looks like for you? Reach out to me!
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