Why Employee Turn-Over is B-A-D for Business
Employee turnover is said to cost a business $100,000 in loss from the transition, which is one of the reasons I've always gone out of my way to treat my team with respect and loyalty. When you find an excellent team member you do not want to lose that person. Always be respectful and lead with loyalty and kindness and understanding so your team will WANT to work for you. As noted, loss on average per employee is $100,000, which for a small business is costly. Let me give you an excellent example: when I worked in corporate I worked very loyally for my employer for 14 years. Pay raises though were always a bone of contention. Existing inequities between the executives in the company for reasons I won't share existed. As a loyal and hard worker, every time it came time for a raise it was a hard-fought battle with lots of justifications to go round. At the end of the day, I often went 2-3 years without even a cost of living adjustment. Finally in the last year I asked for a ver...