I want you to think about what an extra $180,000 would mean to your business.
No, unfortunately this isn’t a free giveaway, but I might be able to help you save that much (or more).
Stick with me while we crunch some numbers.
In Australia, over 97% of businesses have less than 20 employees.
Let’s average that out to 10 per business.
Latest data show that average turnover in Australia is 9.5%.
This means, statistically, that our 10 person business will turn over 1 person per year.
Average salary in Australia is $90,000 and the estimated cost of turning someone over can range from 50% – 200% of their annual salary.
This means turning over that one person can cost you anywhere from $45,000 – $180,000.
But that’s not the worst of it.
A Gallup Study found that 52% of voluntarily exiting employees said that their manager or organisation COULD have done something to prevent them from leaving their job.
Now, you might read that and think, ‘surely their manager did everything they could to make them stay, right?’.
Wrong.
51% of exiting employees said that in the 3-months before they left, neither their manager, nor any other leader, spoke to them about their job satisfaction or future within the organisation.
*insert record scratching sound*
Wait, so you’re telling me that in 3-months, nobody asked how they were feeling about their job or spoke about their future?!
Nope.
Ok, let’s take a breath and regroup.
Here’s where we’re at:
We’ve got an expensive problem, $45 – $180K per employee we turnover, and a simple solution: managers having regular, meaningful conversations with their team.
Ask how they’re going, ask what they need from you, talk about their future, show you care!
It’s really not that hard, and for what it could save you, it should constantly be front of mind.
Here’s my question for you:
Do you and your managers know HOW to have these conversations?
If the answer isn’t a hell yes, then it’s a no.
And you know what that ‘no’ is costing you now ($$$).
So, are you willing to take that risk?
If not, click here now and see how The Effective Manager Program can help.
Trust me, with those numbers we just discussed, the ROI is well worth it!
By the way, our next cohort of The Effective Manager Program is kicking off in 3-weeks.
If you want to learn to have meaningful conversations that really make a difference in your business (as well as a bunch of other useful stuff, like how to hold team members accountable, have difficult conversations, manage your time, effectively problem solve, interview, onboard, communicate…..) then you’ll want to join this program.
Here’s that link again. Click it, you know you want to.
