Let’s take a look at how much money these turnovers are costing you.
How much a new hire is costing you
There are so many factors that go into hiring a quality employee. Aside from the obvious — recruiting and paying the individual — there are many more additional costs associated with new hires, like the investment needed to properly onboard them.
And since you need to replace an employee instead of hiring a new one outright, it’s even more expensive.
Research by SHRM notes “it takes up to 50-60% of an employee’s annual salary to find a direct replacement.” That means, for someone who was making $50,000, simply finding a new hire costs you $25,000 - $30,000 (and that’s for one person who left).
How much money could you be saving by simply investing in the people you already have?
What leaders can do differently to change the pattern
I’m going to assume you are tired of wasting all of that money (and energy). So, what can you, as an organizational leader, do differently to make sure your marketing dept and team stick around?
The short answer is, you need to ensure they are happy and that they feel like the work they spend their days doing is positively impacting the business, that is has a real purpose. To do so:
1. Involve your marketing team on a strategic level
If your marketing team is involved when strategic decisions are being made, they will have a greater understanding of the impact their work has on the bigger picture.
Instead of feeling like they are tasked with reaching arbitrary goals, the marketing team is part of the discussion as to why specific goals are set and grasp the results achieving these goals brings to the company.
This helps solves for marketers feeling like their work has no purpose.
It will also allow them to have a voice and ensure your leadership team and marketing team are aligned on setting expectations, as well as enabling you to truly see the impact (and value) the marketing team brings the company.
2. Focus on professional and personal development opportunities
Spend time with your team on both professional and personal development. This should be done individually so you can help identify each person’s strengths and weaknesses and learn what kind of projects excite them. Also, get to know them as people!
By focusing on these two critical elements, you will increase your chance of retaining top talent and grow a culture where people want to work. This will not only save you time and money on recruiting and onboarding new employees, but will also give you the opportunity to connect with your team on a more personal level.
Because the truth is — and I’ve learned this first hand — the grass isn’t always greener on the other side. It’s greener where you water it.