Recently, we explored the hefty $5,380 average cost of losing talent. Employee turnover is costing businesses millions of dollars and can’t be ignored. But, this challenging problem doesn’t start (and end) with monetary loss. When a valuable employee leaves, they take knowledge with them.
Knowledge that they’ve accrued over years, decades even.
Knowledge that can include IP which has helped define your business.
Knowledge that your customers have come to rely upon.
Yes, recruiting new team members is expensive but money is replaceable. Your time, and their knowledge, can’t be. We’ve got a few solutions to help you with this. You can try them for free, in a moment.
The indirect costs of replacing staff.
It’s said that it can take up to 12 weeks to replace a knowledgeable worker. Then, you’ve got to add in another four to eight weeks to train your new hire, for them to be productive in the role. We’re talking four to five months without a two-way knowledge exchange, between the employee and team members.
The cost of lost knowledge is an under-valued topic, when it comes to the hiring process. What makes any team function well is the unique skills and knowledge that has been cultivated. Your employees develop relationships internally, as well as with customers. They build trust, gather insights, and have the aptitude to see opportunities.
When an employee leaves, they take that knowledge with them. To avoid ‘losing’ this information, transfer that knowledge out of their mind into your processes and efficiencies. Make knowledge-sharing a day-to-day, ongoing work policy.
Pick a tool that’ll connect your staff and consider making documentation and process updates part of their job descriptions. Create a culture that promotes collaboration, co-working and cross-training. The knowledge-sharing will happen more organically.
Tap into the knowledge employees accumulate, whether they’re on-contract or long-term staff. The industry knowledge and experience they hold is invaluable. As you’re updating processes, think about how well you know your employees. Not how they take their coffee or spend their weekends, but what it is that gets them out of bed.
Just like your company evolves, your people will, too. Avoid stagnating their growth (and knowledge banks), and introduce yearly personality profiling activities into your culture. You might just be surprised at what you discover. If you get the job-personality match right, it makes all the difference.
Use the red form to access free tools to get you started.