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#069 Employee Retention with Emily McQueen
Manage episode 434621213 series 3440800
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Today we are talking about employee retention. As a business owner or leader, you know the cost of losing employees.
There’s the financial cost…Some studies predict that every time a business replaces a salaried employee, it costs six to nine months of their average salary. So, as an example, if you lose an employee that you are paying $60,000/year that an average cost of 30-45,000 in recruiting and training expenses.
And, then there’s the culture cost. If you lose a good employee, the ripple effect can impact your cultural ecosystem.
Which makes this conversation with Emily so special. The tools that Emily will share with us today are invaluable and can help you really connect with your employees to keep them engaged and hopefully keep them as productive members of your organization.
Here are a few of the takeaways from this episode:
1. Employers use compensation for retention, but it’s not always the best way. It may resolve it in the short term, but not fully engage someone in the long term.
2. A signature experience is something that matters most to someone that is hard to be duplicated or can’t be duplicated somewhere else.
3. People leave their role due to burnout, leadership trust, career opportunity and compensation.
4. Managers can talk to their own employees to determine what matters most to them.
5. If you think it is compensation, dig in further. It could be feeling valued, being recognized, etc.
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