WorkTaps

High turnover is more than just an HR headache—it’s a silent assassin draining your company’s resources and hindering your growth. While the obvious costs of recruiting and training new hires are easy to spot, hidden expenses lurk beneath the surface, silently eroding your profits.

The Iceberg Effect: What You See vs. What You Don’t

When an employee walks out the door, you see the immediate costs: advertising the open position, screening resumes, interviewing candidates, and onboarding the new hire.

But these are just the tip of the iceberg. Below the surface lies a sea of hidden costs that can sink your bottom line:

  • Lost productivity: It takes time for new hires to get up to speed, and during that ramp-up period, your team’s productivity takes a hit.
  • Decreased morale: High turnover creates a sense of instability and uncertainty, leading to lower morale among your remaining employees.
  • Damaged company culture: A revolving door of employees disrupts your company culture and makes it difficult to build a cohesive team.
  • Loss of institutional knowledge: When experienced employees leave, they take valuable knowledge and skills with them, leaving a void that’s difficult to fill.
  • Negative employer branding: High turnover can damage your reputation and make it harder to attract top talent in the future.

The Real Cost of Turnover: The Numbers Don’t Lie

According to Gallup, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary. For a company with 100 employees and a 20% turnover rate, that translates to an annual loss of $[calculate cost based on average salary] or more!

Want to calculate your turnover costs?

Turning the Tide: Employee Referrals as Your Secret Weapon

So, what’s the solution to this costly problem?

Enter WorkTaps’ employee referrals.

Referred employees are:

  • More likely to be a cultural fit: Your employees know your company culture and values, so they’re more likely to refer candidates who will thrive in your environment.
  • Faster to onboard: Referred employees often have a head start in understanding your company and its processes, leading to faster ramp-up times.
  • More engaged and productive: Referred employees are more likely to be engaged in their work and committed to your company’s success.
  • Less likely to leave: Studies show that referred employees have higher retention rates than those hired through other channels.

WorkTaps: Your Employee Referral Engine

WorkTaps is an employee referral platform designed to make it easy for your team to refer qualified candidates. Our platform streamlines the referral process, provides incentives for participation, and tracks referrals from start to finish.

With WorkTaps, you can:

  • Tap into your employees’ networks: Unlock a hidden talent pool of qualified candidates.
  • Reduce time-to-fill: Fill open positions faster with pre-vetted candidates.
  • Lower turnover rates: Build a more engaged and loyal workforce.
  • Boost morale: Create a culture of collaboration and shared success.
  • Save money: Reduce hiring costs and protect your bottom line.

High turnover is a costly problem, but it doesn’t have to be your reality. By leveraging the power of employee referrals with WorkTaps, you can build a stronger, more stable workforce, reduce costs, and achieve your business goals.