The hidden costs when employees leave

It’s always tough when you have to replace an employee. Losing a knowledgeable member of your staff is harmful enough. But what about the other ways it affects your business? Here are some of the hidden costs when employees leave…

Momentum is lost: You know what it’s like when your team is in the groove. Habits, routines, and schedules are working perfectly. As soon as a team member hits the road, that all changes. Now, everyone is trying to help out, putting more on their plates, and management is spending time trying to figure out how to find a replacement. Losing that momentum can have a major effect on productivity.

Time is money: When an employee leaves, it’s not always easy to replace them. Even if you’re fortunate enough to have some quality candidates, it’s going to take some time to get them up to speed. Training takes time and someone has to spend his or her time being the teacher. It’s important to keep this in mind since you’ll probably have to find creative ways to cover the time that is lost as your new employee is getting prepared for the position.

You might get a lemon: If you don’t have great candidates to fill your void, you run the risk of hiring the wrong person. You’ll waste time training the employee and then you’ll have to do it all over again. Don’t make the hire unless you’re completely convinced that the candidate is the right person for the job. But also know, the longer you wait to make the hire, the more stress you’ll be putting on the team.

John Pettit

John Pettit

John Pettit is the Managing Editor for CUInsight.com. Using news, community posts, press releases, jobs and events, he keeps the credit union movement digitally informed throughout the day. Web: www.cuinsight.com Details

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