Fresh Inc. reader JHB, the president and owner of a manufacturing company, recently read a report stating that eight out of 10 employees want to change jobs as soon as the economy gets better. Some of the reasons: they want to spend more time with their families, they have been under too much stress with their current employers, they want more money and stability. All valid reasons to find new employment, but JHB wonders about the effect it has on the employer.
First, replacing an employee can cost nearly $100,000, JHB noted, (check out this turnover cost calculator to determine your cost of replacing an employee) not to mention the effect an exiting employee has on company morale and on business production. He wonders whether employees feel that business owners have put more pressure on them simply to make more money, or do they feel employers have done what they could to keep the businesses alive and their employees employed. If the employer did everything necessary to keep the business open during a difficult economy, doesn't that deserve some employee loyalty during better times?
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