Money

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. 

Read more...