Employee Churn Costs Australia $3.8 Billion!

Posted by | June - 28 - 2016 | 0 Comments
Employee Churn Costs

Turnover statistics tell a story about a business’ processes, procedures, leadership, and culture. Whether or not that story has a happy ending depends on keeping employee churn to a minimum.

 

In this article, Team Expr3ss! shares news on how to do just that.

How Good Staffing Can Save $385 Million

Companies invest time, effort, and cold hard cash into recruiting, interviewing, and training an employee. The failure to retain new employees is placing a substantial burden on the balance sheet’s bottom line. In fact, it is estimated that staff churn costs Australian retailers

  • $3.8 billion in lost productivity
  • $385 million in avoidable recruitment costs

Why is this happening? “Australian organisations are 10 years behind the trend to employ people for capacity and fit rather than for experience,” says Jon Williams, head of HR services at PWC.

How PricewaterhouseCoopers Holds on to Staff

PWC understands the high financial cost of employee churn and is working internally to put that understanding into practice. As reported by Australian Financial Review Weekend in 2015:

“(PWC) decided to extend flexible working to all its employees, signing up for a strategy which aims to attract highly qualified staff by setting them free to decide their own hours of work.

This decision comes at a time when many large employers are changing their HR protocols to attract the best and the brightest. Deloitte Australia, for example, has announced that it’s completely rethinking its performance review, with its rankings and performance curves.

To help our customers keep employees on their rosters and profits in the black, Expr3ss! uses proprietary software to

  • Improve staff selection
  • Manage e-recruitment
  • Simplify applicant management systems
  • Identify and shortlist top candidates
  • Create the best fit between employer and employee

4 Ways to Beat the Trend

Expr3ss! provides our customers with contemporary staffing solutions that increase employee “stickiness”.  Some of these concepts address hiring:

  • Nipping problems in the bud – creating engagement strategies that anticipate and reveal potential turnover problems.
  • Taking a group approach to development engagement strategies – working together, business unit leaders and HR leaders can create more effective plans, particularly when it comes to hiring people for pivotal roles.
  • Understanding that money is not the only motivator – creative, non-financial incentives can keep employees happy in a business without costing extra money.

Others address employee engagement:

  • Understanding the relationship between employee engagement and performance – an employee that feels s/he is an informed, integral part of the team will excel and bring a positive outcome to customer interaction, product/service quality, and workplace safety.

Everything we do is designed to help our customers avoid the ordinary worker and hire the extraordinary employee: valuable human capital that will be a company asset for years to come.

Do you have a revolving door of employees? Do the hiring and staffing policies at your business need an overhaul? If so, we invite you to contact us for practical, concrete staffing solutions that will put you on the Expr3ss! track to success.

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Expr3ss! Pty Ltd

Software that Solves Staff Selection
146 Arthur Street, North Sydney, NSW, 2060
Phone
1800 00 55 98
Email
contact@expr3ss.com