As you review your P & L are you wondering why revenue is down? Or, why are costs up? A single employee termination could be to blame.
Employees who are fired or voluntarily resign cost a company at least 1 times the annual salary. Don’t believe it? Here is what adds up: lost productivity, overtime, temporary help, advertising, time to find candidates, time to interview, new hire training expenses and a rising unemployment tax rate, to name a few. Then you may want to measure how lower morale has damaged productivity.
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Be sure to watch for the next piece of Contributing Wisdom in December!
Recommended Courses: Visit your partner webshop today to purchase these recommended courses.
- HIRING Course
- Hiring Legally Course
- Employment Law for Supervisors: What You Should and Shouldn’t Do Course
- How to Conduct New Employee Orientation Course
- Human Resources Bundle
Contributing Author: Mindy Flanigan, PHR; Managing Partner
Mindy Flanigan is a 20 year Human Resource Management Professional, PHR certified through the Human Resource Certification Institute since 2002. As the founder and Managing Partner of Inspiring HR, LLC she is dedicated to the success of small businesses. Mindy specializes in providing products and services designed to minimize the risk of employment law fines, cut unnecessary turnover costs and maximize employee performance.
Nearly all of Mindy’s small business HR experience comes from 14 years in the PEO/HR Outsourcing Industry; 1993 through 2006. With a background that includes Payroll, Benefits, and HR, Mindy’s time spent delivering or supervising the delivery of Human Resource services has given her a unique understanding of how to make HR simple, affordable and valuable for small businesses.