In many cases, a new employee must be sent to expensive specialized training on software, corporate policy, and established business standards. Transitioning from new recruit to productive team member.Įven beyond the employee’s first day on the job, the costs continue for the company. Multiple departments will be involved in getting the new employee ready to go, including setting up the work area, registering their accounts with IT, providing a computer and necessary hardware, and having security processing an identification badge. Once the job offer has been extended, the company must invest significant time on-boarding the employee. Additionally, managers and staff will need to take time away from clients and projects to interview potential employees. While this transition is in progress, human resources is spending time placing job ads and vetting the candidates one by one. Relationships and understanding of how a corporate culture are things that only come with time, and your next team member will need to nurture these anew. And, of course, many employees will not perform at top productivity when they have one foot out the door.Įven with the most seamless transition with the most ethical employee, it’s hard to put a price tag on the value of an individual’s set of professional contacts, established business relationships, accumulated training, and specialized knowledge that were acquired during an employee’s tenure. Transitioning employees.ĭuring the final days on the job, the lion’s share of an employee’s time will be spent documenting proprietary information and transitioning their projects. The core reason that employee turnover costs are rarely considered is simple: the expenses are passive, and are therefore easily overlooked. According to the Center for American Progress, the cost of replacing an employee ranges from 10-30% of their annual salary, depending on the industry and length of time on the job - making employee retention strategy a top priority.
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