Resignations equal a loss
3 types of losses due to resignations – can your business afford the high staff turnover?:
- Loss of Knowledge and Experience –
An employee that has resigned walks away with the knowledge of how the business operates and their expertise;
- Loss of productivity
While the resigned employee has left with their efficiency, the new recruit is not as productive while they learn how to perform the tasks correctly;
- Loss of money due to increased expenses
Pay the salary of the resigned employee. Pay for recruitment of the new employee – recruitment fees, advertising costs, etc. Then the cost of the new employee’s salary.
A documented business process guide (process manual/ standard operations manual) reduces the impact of the resignation. A documented business process guide ensures:
- A more efficient on-boarding process – the new recruit is able to perform a task correctly irrespective of their experience, just by following the steps in the guide;
- Standards are not compromised as the new recruit can reference the guide to ensure tasks are completed and correct;
- Effective recruitment – business owner or manager can recruit based on the need to address the areas of improvements;
- Training is consistent.
Read more on the other benefits of documented business on the Service Packages page.