Yesterday I informed you that the
average cost to replace one employee is $23,410.
So, how can you retain the
employees that you already have? Don’t get me wrong, you can’t keep all of your
employees. Some employees need to move on for the benefit of the business as
well as for their own personal growth. I am a strong believer in development
and improvement within the individual as this also benefits the business.
The key is to have a structured
development plan in place and here at Hare HR Consulting we can help you. As
the business owner, you need to understand where your staff are at, what their
weaknesses are and where they want to go within their career. From here you
build on their weaknesses and support them to become a better employee and individual.
It could be a day session, short course or even a mentoring program and this
shows that as the business owner you not only care about the profits but also
the people who help you to grow and expand as a business.
Overall, this helps increase
staff morale, knowledge and overall work satisfaction which in returns makes
the business a much happier place to come to work.
Reach out today to have a
discussion on how you can increase your staff productivity, knowledge, morale
and workplace satisfaction.
Yes, $23,410 is the average cost to replace one
staff member, according to the 2019 National Salary Review.
Also released, was that businesses with up to 100
employees on average lose 11 employees per year. This comes to a total of
$257,510 per year just in replacing employees.
$257,510 does not cover:
* The knowledge that has just walked out the door;
* The lack of morale around the office because someone has left; or
* The increased stress levels with staff left to cover the role until a
replacement has been found.
As a business, how could you better utilise
$257,510 to attract and retain talent?
Over the next few days, we will explore how you as
the business owner can better utilise this money to retain and attract the best
employees for your business.
an employee has been hired a contract of employment is written up and within
this contract it outlines terms and conditions to be met by both the Employer
and the Employee. A probation period is one of the clauses within the contract
and the majority of employers include a 6-month probation period. The probation
period is used to assess if the employee is suitable for the role and the needs
of the business. The employee can also use this time to assess whether the role
is suitable for them or not.
the employee is on their probationary period, they continue to receive the same
entitlements such as annual and personal leave as someone who isn’t on a
probation period. If the employment is ceased by either
party during the probation period, then a letter is to be provided informing of
ceasing employment and all unused entitlements such as annual leave are to be
you do not have an employment contract that outlines terms and conditions or if
your contracts are out of date, then reach out today so that we can undertake a
review to ensure you are compliant and not leave yourself open to any issues.
If you are a small business with less than 19 employees you will be required as of 1st July 2019 to start to report through the Single Touch Payroll (STP) system.
This brings benefits to you as the employer and to the employee as it streamlines the payroll reporting process while making it easier for employees to view superannuation entitlements.
There are several STP reporting options available and its important that you choose the correct one for your business.
For further information, please click on the below link or reach out for a chat.