The Dollar Cost of Employee Turnover
Employee turnover has a surprisingly high cost, yet very little is being done to contain and/or reduce this expense – something which can significantly increase corporate profits.
• Turnover in general in Canadian corporations is ~ 7%
• Turnover of full time staff in the retail sector is ~ 15%
• Turnover of temp workers in the retail sector can be as high as ~ 65%
• Many positions do not have a clear growth path so little incentive for loyalty
• Many corporations do not provide training and education to enhance performance
• Employee contributions are largely unrecognized and unrewarded
• 1 HR specialist is required in order to hire 100 – 150 new full time people per year
• 3 to 5 training days per person, requiring the trainee and the trainer’s time
• Severance can be several thousand dollars per full time person
• Cost / effort to hire and train temp similar to full time workers minus severance
TURNOVER COST ($)
Turnover Rate—————Number of Employees
Some of Canada’a largest corporations such as Loblaws, the Bay, Sears, Wal-Mart, Canadian tire, Shopper’s Drug Mart, etc. have more than double the number of employees shown above.
Can these onerous costs continue to be ignored?
National Biotechnology Week 2013
Sept. 20 to 27 2013 saw the marking of Canada’s 10th annual National Biotechnology Week across the country. Cross country events were hosted by BIOTECanada and its partners – aimed at networking, education, raising awareness of the bio economy in general, and at creating a favourable government framework.
BIOTECanada is in fact a national industry association of nearly 250 representing the health, industrial and agricultural biotechnology sectors, with impact on the manufacturing, automotive, energy, aerospace and forestry industries.
Examples of some of the events illustrating the advances in and the role of Biotechnology
Across Canada included:
• U Waterloo: The Centre for Bioengineering and Biotechnology showcasing student RnD
• McMaster U, Hamilton: President and CEO, Centre for Commercialization of
Regenerative Medicine, re careers in biotech
• BioAlberta in Edmonton: A lunch network event
• Charlottetown: PEI Industry & Research Connector Event
• Regina: Saskatchewan Science Centre Molecular Biology demo weekend
• Toronto: Life Science Ontario LSO September Breakfast Meeting
• Saskatoon: Why Health Innovation Matters Chamber of Commerce Panel Discussion and Canadian Light Source tours
• Winnipeg: Let’s Talk Science Graduate Student demos and Intelligent Hospital Systems demo
• BIOQuebec: Annual General Meeting and Networking Cocktail Reception
• Vancouver: Student network presenting Building BIOTECH 2013
Biotechnology should be supported – it is a major contributor to disease prevention and healthcare, safe and abundant food, bio energy, bio-based materials for modern manufacturing, clean technology to sustain the planet.