What is the benefit of motivating my employees and how will that help my company?
Replacing an employee can be quite expensive. According to statistics from both the U.S. Department of Labor and the U.S. Chamber of Commerce, costs to replace an employee run between 33 – 40% of their salary. Factors that contribute to those costs include loss of time, production and sales. Plus, there is the expense of training new employees once they come on board. In addition, there are costs for finding a new employee. For instance, advertising costs in the Denver Metro area can run around $1,700. Of course, that doesn’t guarantee the caliber of responses and if you can’t find someone on your own, then you have to add a recruiter’s fee to the equation. That’s why, with all the time and money involved, you don’t want to lose good people if you can help it. Following are some suggestions in motivating and retaining employees: Treat Employees the Way you Want to be Treated That sounds pretty basic but it works. Assume every employee is getting job offers from your competitors. Then,
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- What is the benefit of motivating my employees and how will that help my company?
