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The Cost of Turnover

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The Cost of Turnover (1)

Did you know turnover can cost a company $94,000 OR MORE? In an example below, Vice President, Steve Baker, applies our Dollar Exercise to the cost of turnover. Losing 9 people at a salary of $50,000 can cost you almost $100,000 and will take $1.4 million dollars in revenue to cover the cost. OUCH.

 

With events starting to open back up, Steve Baker is on the road a lot these days, and there's one question he keeps hearing, "What do you do about talent?" People want to know how they can find good people, how to keep them, and how to create a culture that engages employees. 

So, naturally, Steve looked to the Great Game™ Community for answers. He asked coaches and practitioners how they were handling the war for talent and what they were doing to stand out from the competition. It turns out that companies are finding pretty unique ways to become the "Employer of Choice" and "Partner of Choice" to help their companies attract talent.

But before jumping into attracting new employees, let's talk about the cost of not being able to retain the talent you already have. The economic reality of talent is that it costs money to replace people. A LOT OF MONEY. In the video above, Steve will show you how he calculates the average cost of turnover for an organization per year. Learn what steps other companies are taking to become the sought-after company to work for, how to keep your current employees, and how to avoid spending thousands of dollars in turnover every year.


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3 Principles To Retain Talent



Does your company have any tactics in place for retaining and attracting talent? If so, share your methods below! We LOVE to share in the wisdom of the companies in The Great Game of Business community.


 

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Topics: Employee Recruitment and Retention, turnover

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About The Great Game of Business

Our approach to running a company was developed to help close one of the biggest gaps in business: the gap between managers and employees. We call our open-book approach The Great Game of Business. What lies at the heart of The Game is a very simple proposition: The best, most efficient, most profitable way to operate a business is to give everybody in the company a voice in saying how the company is run and a stake in the outcome. Let us teach you how to develop a culture of ownership, where employees think, act and feel like owners.