The Roadblocks in Reducing Turnover and its Costs

Feb 28, 2017 10:12:49 AM / by Involvesoft Marketing posted in Employee Engagement, Reducing Employee Turnover, Employee Retention

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Roadblocks in Reducing Turnover Infographic

Obstructions in Reducing Turnover

You’ve heard the positives and the negatives of turnover rates. You’ve probably even been curious on how it can affect your business. Most of the time businesses don’t speak about the true costs of employee turnover. In fact, the cost is largely hidden. The expenses don’t show in your loss and profit statements, and they are virtually hidden when it comes to company budgets. So how is this mysterious entity actually causing you harm?

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Reducing Employee Turnover Rates in the IT Industry [INFOGRAPHIC]

Feb 16, 2017 5:55:17 PM / by Involvesoft Marketing posted in Employee Engagement, Reducing Employee Turnover, Employee Retention

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The Cost of Employee Turnover

The Cost Of Employee Turnover Rates

Technology’s influence in managerial, financial, and operational practices becomes more evident day by day. The impact of losing top Information Technology (IT) talent can easily translate into an added cost ranging from 50% to 150% of that person’s annual salary. Human resources have the uphill task of reducing their employee turnover rates for in-demand professionals covering programming, analysis, tech-support, technicians, admins, and project management roles.

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The Average Cost Of Employee Turnover

Feb 14, 2017 7:58:26 AM / by Saumya Bhatnagar posted in Reducing Employee Turnover, Employee Retention

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Financial Factors and Beyond

Replacing employees is expensive. Forbes reported the replacement cost of millennial employees as $15,000 to $25,000. However, the average cost of employee turnover is not felt like other costs. No one sends your company a bill for $20,000 when an employee terminates. This cost accrues through recruitment, training, and lost productivity. There are additional factors beyond the financial that make up the average cost of employee turnover which we will discuss today.

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How to Calculate Employee Turnover

Feb 10, 2017 5:28:50 PM / by Involvesoft Marketing posted in Reducing Employee Turnover, Employee Retention

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Calculating Turnover Rate and the Millennial Paradigm

As Millennials begin to flood the workforce, companies can no longer rely on traditional business practices. Millennials are a group of individuals that are foreign to a traditional work environment. They tend to enjoy their work, rather than slaving away for a salary. Because of this mentality, it’s important for new companies, and existing companies, to begin implementing good business practices. Failure to do so can result in current employees leaving their jobs, or even potential employees from making a decision. Turnover rates can be a tricky subject. Not because the concept is hard to understand, but because they’re many different factors when it comes to calculating it. It's important to understand how to calculate employee turnover.

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Employee Turnover Costs: 4 Overlooked KPIs To Measure In 2017 [INFOGRAPHIC]

Feb 3, 2017 3:50:02 PM / by Involvesoft Marketing posted in Reducing Employee Turnover, Employee Retention

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Employee Turnover Costs Infographic

Variables to quantify employee turnover costs

Numerous industries and verticals face massive challenges when it comes to retaining their top talent, and reducing employee turnover costs of their organization. Although, having a certain level of turnover is healthy in terms of gaining new talent insight, and maintaining an innovative culture. Note that a the typical Human Resource manager is far from quantifying the average employee turnover rate.

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Examining The Causes of Employee Turnover

Jan 29, 2017 6:26:51 PM / by Saumya Bhatnagar posted in Reducing Employee Turnover, Employee Retention, improved communication, alignment

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How Involve Can Help

Turnover hurts business. Recruiting and training is expensive and the loss of experienced staff can impact business for months.  All too often the employees who leave are the ones the business really wants to keep. The causes of employee turnover range from financial to situational to cultural.

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5 Simple Ways to Motivate Your Employees

Jan 19, 2017 7:05:39 PM / by Involvesoft Marketing posted in Employee Engagement, Reducing Employee Turnover, Employee Retention

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Lack of Motivation Leads to Employee Turnover

Motivation is a key driving factor for the reason why an individual does a particular action. It’s a steppingstone into a field of productivity and advancement towards a small or large-scale goal. But motivation can be a touchy subject. It’s a much easier said than done type of thing. You can’t really tell someone to do something and expect to get a result out of it. Pure motivation comes from an inner belief that what you’re working for is for a worthy cause. It’s this internal willpower to do great work and produce your best effort every time.

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How Disastrous Is Turnover? What can you do to Reduce Employee Turnover?

Jan 13, 2017 5:13:18 PM / by Saumya Bhatnagar posted in Employee Engagement, Reducing Employee Turnover, Employee Retention

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Organizations have been trying to reduce employee turnover using new innovative methods

Turnover is not just a sidelined issue in today’s company ecosystem anymore. It is a serious issue plaguing the most innovative of organizations, causing monetary loss as well as the potential of losing the most innovative minds in a company. Organizations have been trying to reduce employee turnover with a multitude of strategies. But what are the other implications of intention of turnover, and how can that harm your organization?

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Does a Low Employee Turnover Rate Yield Less Profit?

Jan 5, 2017 3:44:22 PM / by Involvesoft Marketing posted in Employee Engagement, Reducing Employee Turnover

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Understanding The Difference Between High and Low Employee Turnover Rates

Contrary to popular belief, can lower employee turnover rates actually yield you less profit? It seems pretty crazy to think that as you retain employees, your profits decrease. But let's dive a little deeper into this. What’s the big talk about sustainability in the workplace today? Some questions that arouse could include, how can I change my turnover rates, how can I retain millennial talent, or how can I let go of employees without hurting my business? It’s the talk of 2018. As the new year gets ready to begin, it’s a good time to reflect on what your long-term objectives are.

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Average Employee Turnover Rate: Analysis and Strategy for 2017

Jan 3, 2017 4:51:31 PM / by Involvesoft Marketing posted in Reducing Employee Turnover, Employee Retention

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Quantifying Average Employee Turnover Rate

Every year companies face the challenge of retaining top talent and develop strategies to maintain their highest performers. Quantifying the impact of their average employee turnover rate is a must in today's ever evolving job market. Even more so when it comes to retaining high-level employees in management and leadership positions. Human resource departments face major corporate issues due to the high cost of finding adequate replacements that can achieve strong performance metrics, while also nurturing corporate culture and team building. Not to mention the opportunity cost leveraged when it comes to finding the right replacement within an adequate time frame.

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