Employee turnover is the biggest expense at large companies. The one-time cost of replacing a departing employee is more than their annual salary. Recruiting costs, new employee training and indoctrination costs, plus the cost of lost productivity when your best worker is reassigned to train the new employee, and the cost of your own lost time add up to over $50,000 at most companies. Don’t let this happen at your company!
Here Are 3 Ways to Avoid this Disaster.
1. Establish a climate of succession at your company. Recognize and encourage employee strengths and assign them work that benefits from these strengths. Many managers assign unknown work to employees with the false expectation that the employee will learn from the challenges. But, everyone benefits when you assign known challenges to effective people who have met these challenges in the past.
2. Train supervisors to coach their employees and develop them as successors for the future of your company. Some managers avoid training their successors for fear of losing their own jobs. But, all growing managers reach points in their careers when they are ready to advance to the next level. It’s in their best interests to develop their own successors for this opportunity.
3. People don’t leave companies, they leave supervisors. Teach your supervisors how to be employee magnets. Remember your best supervisors when you were growing in your job? What skills did they have? How can you build such skills in your current supervisors?
The best methods for developing Succession-Minded companies are found in the book Workplace Champion By Example, a coaching guide for supervisors, by John Smithman, a lifelong management coach and CEO of Champions in the Workplace Training & Development.