Replacing staff members can be costly, and it can take up to eight months for a new employee to reach optimum productivity levels
According to Oxford Economics the average cost of replacing a departing staff member is around GBP 30,000. This figure highlights the importance of developing and motivating your existing employees to avoid low morale and a high turnover of staff. Training and motivating your employees and teams in accordance with their specific needs and capabilities is key to keeping employees engaged.
But how well do you know your employees? It can be difficult to ascertain who is happy and fulfilled in their role. Who will respond well to a challenge? Who would like to grow? Who could take on more responsibilities? Who has leadership potential?
Experience and solid leadership skills will go some way towards answering these questions. However, this approach will not provide you with the objective and accurate data that you need to make the most effective people decisions.