Hess Associates

Retain Your High Performers

There is undoubtedly a high cost attached to both employee turnover and poor employee performance. Although employers look for candidates who are both loyal and productive, various scenarios lead to failure.

From the employee standpoint, a position which seems dead-end, where there is not adequate training, and neither a clear advancement path, nor recognition of a contribution, will merely be a stop gap job – despite this person’s original good intentions.

The 2011-2012 turnover rate for full time employees in Canadian companies was 7.2 per cent, about 1 per cent higher than the rates seen during the economic downturn. (Conference Board of Canada). The retail sector is experiencing the greatest challenge with an average of 14.0 per cent.

Imagine the scenario of a retail company with 1000 employees, where there is 14% turnover amongst full time people. That would mean that 140 people would have to be hired each year – interviewed, trained, and so on.

You need extra HR people to handle this kind of employee activity with all the work associated with closing current employee files and contracts and hiring the new employees to take their place. For a 1000 employee company, this can run into the hundreds of thousands of dollars of costs.

For other employees in retail, the turnover of temp workers on the floor is over 67%. So we are talking about over 4 times the number of employees that have to be hired and trained, that is at least $1 million dollars. In actual fact, with other costs, it would be more.

This is just a scenario of course. It important to identify and retain high, and develop earned loyalty amongst your workers.

Share With Your Colleagues...
    Why it Makes Sense to Give Your Staff an XMas to New Year’s Break Women in the Male Dominated Workplace: Plight and Progress Nov 2017 When Does Using a 3rd Party Recruiter Save You Time & Money? What is Corporate Cultural Fit? Why Hire a Recruiter on an Exclusive Basis? Why Give Your Employees Standing Desks? Should a Man Wear Brown Shoes to an Interview? Why is Retirement so Challenging? When is it time to look for a new job? Getting over the Sluggish Blues What is CRISPR-Cas9 and Gene Editing anyway? Dating and Your Workplace – Do or Don’t – But Most Do 10 Ways to Work from Home Efficiently How do Deal with Annoying People at Work Is a Manager Entitled to Overtime Pay in Ontario? What are the Disadvantages of Hiring Contract vs Full-Time? Mind the Gap!!! And How to “de-Gap” your Resume How to Hire the Best Talent 5 Reasons to hire a consultant The “Pink Collar” Man in the Glass Elevator How do You Find a Summer Job in Ontario? How to Keep Employees Happy and Motivated Why do Companies Post Fake Job Ads? Who or What is Generation Z? How to Annoy your Recruiter Should Candidates Ask Questions During an Interview? How Hiring Managers are Using Social Media to “Vet” Potential Candidates Rearing the “All Digital Generation”? Is the traditional resume disappearing? No Future for Voicemail on Land Lines Online Programmatic Advertising The Internet of Things Women and the Boardroom 2014 FitBit and the Workplace Who are the Baby Boomers, Generation X, and Generation Y? Working for a Younger Boss End of 2014 IT Salary Information Stephen Poloz and Working for Free How Important Are Reference Letters? Psychological Health and Safety in the Workplace Ideas on Changing Careers Back To The Future 10 Telephone Interview Tips On Edward Snowden and Privacy Issues Canadian Salary Updates – IT and Biotech Spring 2014 The Second Most Important Issue Facing a Small Company Job Losses and Gains 2013 What is Bitcoin – What Are Bitcoins? Canadian Pharmaceutical Manufacturing Industry 2013 WXN Top 100 Most Powerful Women 2013 Privacy and Your Data Laboratory Workplace Psychological Health The Dollar Cost of Employee Turnover National Biotechnology Week 2013 Sept. 20 to 27 Five Most Important Reasons a Company Should Hire Contract Staff Use of Contract Workers in the Biopharmaceutical Industry Women Executives in Canada 2012 Metadata Monsters Is There a Hidden Cost to Hiring? Tips on Conducting Video Interviews with Candidates What is Epigenetics? 2013 Toronto HotDocs Exposé of the Dangers of the Internet 2012 Pharma/CRO Employment/Salary Picture 2012 IT Salary Ranges