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News, business and more...

News, business and more…

Money, Love, and Turnover

Most managers don’t fret too much about losing minimum wage talent.  But they should.  And they should worry when anyone leaves because it costs them a lot. The next time one of your minimum wage employees takes another job that pays 25 cents more per hour, remember it will cost $3500 to replace him.  $3500.  Go ahead and write that on your white board.  That’s $3500.00.  Maybe more.  If you don’t train the replacement (I know… you don’t have the money or the time to train, right?), it will cost even more: without training he will make mistakes that you could have prevented and it will take him longer to reach full productivity. 

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