The Purposeful CEO with Emma Campbell26 Jul 2022

Ep. 42 Why team members leave (and 3 retention strategies to help them stay)

The cost of replacing a good team member is estimated to cost between 16% and 213% of their annual salary. This means an $80k team member is likely to cost your business between $40k and $150k depending on their role responsibility.

This starts to make sense when you take into account the costs around:

recruitment (ads, assessment costs, recruitment time)
onboarding time
training (in-house and external courses)
lost time on productivity
impact on morale
impact on other team members who have to pick up the slack
impact on customers/clients
lost knowledge that leaves with them

Not to mention how heart broken you can feel after pouring time and energy into an awesome new team member, only to see them leave without any warning! One that you imagined staying with you forever! OK, maybe not forever but a few years at least!

So why do people leave?

And why do others stay?

It all comes down to, of course... human psychology!

Tune into this podcast to discover:

Why people go and how you can help them to stay
The universal human needs of every team member to hold onto your good ones
The one thing you need to track to improve your retention today
How to find out what motivates each of your team members
When you need to start focusing on retention strategies

Enjoy! x

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Connect with Emma

Visit Emma Campbell's Website
Email: hello@emmacampbell.com.au
Instagram: emma_lou_campbell

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