24 APRIL 2023 WorldWide Drilling Resource® Employee Turnover by Tim Connor Is employee turnover costing you more than you know? Many managers erroneously believe the cost of turnover is just finding a replacement employee and filling a desk or territory. Wrong! The cost of employee turnover far exceeds the salary or compensation you pay them. There are obvious direct costs, such as: • Hiring Expenses - advertising, placement firm fees, etc. • New Hire Expenses - training, relocation, new business cards (just kidding). • Travel Expenses - for many sales positions where a manager may spend time in the field introducting a new sales representative to clients. It doesn’t seem like much at first, but now let’s look at a few important HIDDEN costs: • The establishment of new employee trusting relationships. • The establishment of new customer trusting relationships. • Needless mistakes are made while the new employee gets up to speed, which wouldn’t have been made otherwise. • Lost time and/or resources as a result of a new employee lacking self-confidence and skills which come from tenure and experience. • Interview time spent by management to finally select the new employee - time taken from other vital tasks. There are many others too numerous to list, but I’ll bet if you really consider both the direct and indirect costs of employee turnover versus the cost of giving current employees the support, confidence, validation, recognition, and appreciation they need and often deserve, I’ll bet your turnover (as well as the turnover costs) would be dramatically reduced. New employees, no matter how talented and motivated, take a great deal of time and resources before they are completely competent and effective. By the way, the only thing worse than employee turnover is employees who should be let go but aren’t. Now this, friends, is costing you a bundle year in and year out. In His service, Tim Tim Connor may be contacted via e-mail to michele@worldwidedrillingresource.com What is an aquifer? An aquifer is a geologic formation which can store and transmit water to wells, springs, and some streams. An aquifer is more like a sponge than an underground river; geologic materials have connected pores allowing water to move from one space to another. Unless the rock is fractured, water does not move through large, hollow tunnels at rapid rates. Aquifers can be quite extensive, possibly stretching for miles, feeding hundreds of groundwater wells and streams. This is why usage of a well can influence other wells miles away.
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