Have you ever thought about the impact of attrition on a business? Attrition comes from both clients and employees and both can have a tremendous impact on the bottom line…and not in a good way in most instances. In this month’s newsletter, we’ll hear from a FPC client who wrote an article on what losing clients cost his company, as well as an article that discusses the impact of employee attrition and a formula to calculate the actual costs associated with these types of losses. As you read both articles, I hope it will prompt you to think about your company and your own retention plans.
As always, if we can be of any assistance, please feel free to reach out.
How Much Does Employee Turnover Really Cost?
People are companies’ most important assets. We’ve all known this for a long time, but 1) we pay it lip service more often than we try to do something about it, and 2) it’s true more now than ever.
The rise of technology and the information age has resulted in more companies that compete based primarily on their people. This isn’t only true for technology companies like Facebook and Google; as software continues to eat the world and the pace of business increases, nearly all companies will live and die by their continual ability to innovate.