Recently, four women from Group Management Services attended the Women Who Excel Seminar in Cleveland, OH. It was a great networking opportunity as well as a forum to hear leading women talk about how they have made it to the top. There were panelists from all different industries that discussed topics ranging from the barriers women face in the workforce to the right way to align yourself as a strategic partner.
Jessica Mischka (Benefits Administration Manger), Catisha Jackson (Benefits Account Manager), Sanja Benic (Human Resources Intern), and Stacey Edelman (VP of Client Services) enjoyed learning how to become a stronger female presence and mentor at GMS.
Group Management Services is very proud of not only these four women, but proud of all the females that help lead our company and its customers.
If your employee injures a co-worker or customer while on the job, your company might be on the line.
Employers can face negligent hiring charges if a hiring decision results in an employee injuring or harming any person they come in contact with through the job. Not only can negligent hiring result in exorbitant financial costs, but it can also damage the organization’s reputation.
The Affordable Care Act is in full swing.
I think I’ve heard that question from business owners a million times in the past few weeks.
We’ve all been affected by cancer.
Each year, 12.7 million people will learn they have cancer. Cancer impacts all of our lives; our friends’ lives, our families’ lives.
What if there was something you could personally do to help?
Help Prevent Cancer
The American Cancer Society is seeking participants for a study called the Cancer Prevention Study-3 (CPS-3). The CPS-3 study is looking to enroll adults between 30 and 65 years old who have never been diagnosed with cancer. The study won’t take up too much of your time, but will make a huge difference in cancer research.
Together we can stop cancer.
I am a member of the board of the Northeast Ohio Chapter of the American Cancer Society.
If my mom only knew.
When I was younger, my parents would encourage (mandate) that I help them in the family garden out back. However, that really cut into my wiffle ball playing/tree-climbing/insect-torturing summertime. I came up with every excuse in the book to get out of it. I was told it was good exercise and that the vegetables we grew were healthier and better for me than anything we bought at the grocery store. I didn’t care. I was a kid. I hated vegetables.
Now we appear to have come full circle. Not only are gardens making appearances in the suburbs, they’re also starting to dot cityscapes and in a surprising twist, corporate campuses.
I got a call last week from a client who has only been with us for a few months. He started back in July of 2012 and just received his first few invoices from the new year. He was pretty upset that his state unemployment tax had gone up substantially compared to November and December. Being in the payroll business for about 20 years, and with this being about the tenth of these calls I’ve taken in January, I knew where this conversation was going to lead.
The first question I ask is "Did you know about the State Unemployment Tax Authority (SUTA) wage cap?" In Ohio, the employer is only charged SUTA tax on the first $9,000 in earnings for each employee.
Earlier this month, our CEO went back to school.
Mike Kahoe, the founder and CEO of Group Management Services, attended Career Day at Bath School. He had the opportunity to speak to fifth-graders about his career and offer advice as they contemplate their future careers.
Do any of these sound familiar?
- Losing good employees to competitors.
- A cranky work environment.
- Excessive workplace injuries.
- Out-of-control healthcare costs.
- Ridiculously high unemployment insurance costs.
You work hard to recruit and hire the best employees that you possibly can. It’s only logical that you want to keep these employees engaged, happy, and working well on your team.
Employee turnover can be an inconvenient, time-intensive challenge. But employee turnover costs even more than time: it costs money.
Costs of Employee Loss
The costs of employee turnover are both tangible and intangible. These costs include separation costs and replacement costs.
Separation costs can include:
- Costs incurred for exit interviews
- Administrative functions related to separation
- Separation/severance pay
- Increases in unemployment compensation
- Lost productivity
- Lowering current employee morale
- Decreased customer service
- Disruption to the organization’s ability to operate efficiently and effectively
- Increased over-time or temporary employee costs
- Loss of workgroup synergy
- Performance differential (the loss of skills and knowledge between the separated employee and the new hire)
Replacement costs can include:
- Attracting applicants
- Entrance interviews
- Employment Testing
- Pre-employment administrative expenses
- Medical exams, drug testing, background checks
- Training costs
SHRM estimates that it costs $3,500.00 to replace one $8.00 per hour employee when all costs were considered. Of course, the higher the wage: the higher the turnover cost.
Now you know the cost of employee turnover. Check back next week to learn more about how to prevent turnover by retaining great employees in Part II of this series: Employee Retention: Keeping Top Talent.