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Can Your Company Afford Not to Have a Coaching Program - Part I

Can Your Company Afford Not to Have a Coaching Program - Part I

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Years of studies have demonstrated that providing executive, leadership and organizational coaching to your key personnel will reduce turnover. If this was the only benefit from offering the support, the return on investment would be impressive.
Years of studies have demonstrated that providing executive, leadership and organizational coaching to your key personnel will reduce turnover. If this was the only benefit from offering the support, the return on investment would be impressive.

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Published by: Dr. Earl R. Smith II on Oct 16, 2008
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07/30/2013

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Can Your Company Afford Not To Have A CoachingProgram? - Part I
By Dr. Earl R. Smith IIDrSmith@Dr-Smith.comwww.Dr-Smith.como Does your company offer executive coachingservices?o Don’t think that your company needs such services?o What is your company’s employee turn over ratiolike?o If you don’t know then do you at least know howmuch it actually costs to replace an employee?What follows is general checklist of items to includewhen calculating the cost of turnover in anyorganization. The list was prepared by William G. Bliss, President of Bliss & Associates Inc., a Wayne, NJ consulting firm providing advisoryservices to entrepreneurial companies.
Personnel Exit Costs
• Calculate the cost of the person who fills in while the position isvacant.• Calculate the cost of lost productivity at a minimum of 50% of theperson’s compensation and benefits cost for each week the position isvacant, even if there are people performing the work. Calculate the lostproductivity at 100% if the position is completely vacant for anyperiod.• Calculate the cost of conducting an exit interview as well asadministrative costs of stopping payroll, benefit deductions, benefitenrollments, and the cost of the various forms needed to process aresigning employee.• Calculate the cost of the manager who has to understand what workremains, and how to cover that work until a replacement is found.• Calculate the cost of the manager who conducts his or her ownversion of the employee exit interview.• Calculate the cost of training your company has invested in thisemployee who is leaving. Include internal training, external programs
 
and external academic education. Include licenses or certifications thecompany has helped the employee obtain to do their job effectively.• Calculate the impact on departmental productivity because theperson is leaving.• Calculate the cost of severance and benefits continuation provided toemployees who are leaving that are eligible for coverage under theseprograms.• Calculate the cost of lost knowledge, skills and contacts that theperson who is leaving is taking with them out of your door. Use aformula of 50% of the person’s annual salary for one year of service,increasing each year of service by 10%.• Calculate the cost impact of unemployment insurance premiums aswell as the time spent to prepare for an unemployment hearing, or thecost paid to a third party to handle the unemployment claim processon your behalf.• Calculate the cost of loosing customers that the employee is going totake with them, or the amount it will cost you to retain the customersof the sales person, or customer service representative who leaves.• Subtract the cost of the person who is leaving for the amount of timethe position is vacant.
Personnel Recruitment Costs
• Advertising costs.• The cost of the internal recruiter’s time to understand the positionrequirements, develop and implement a sourcing strategy, reviewcandidates backgrounds, prepare for interviews, conduct interviews,prepare candidate assessments, conduct reference checks, make theemployment offer and notify unsuccessful candidates. This can rangefrom a minimum of 30 hours to over 100 hours per position.• Calculate the cost of a recruiter’s assistant who will spend 20 or morehours in basic level review of resumes, developing candidate interviewschedules and making any travel arrangements for out of towncandidates.• The cost of the hiring department’s time to review and explainposition requirements, review candidates background, conductinterviews, discuss their assessments and select a finalist.

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