Cost of Turnover
Bordwell & Associates
" The ability to attract, develop and retain staff is the single biggest factor in determining a firm's competitive success."
How is turnover affecting your firm?
Is turnover costly? Yes. Is it unhealthy? Sometimes. New employees can be an energizing solution to a sluggish or stagnant law firm. A new employee's enthusiasm and positive attitude have a way of empowering everyone. Fresh ideas and needed skills are exciting additions.
Constant turnover has a different result. Unchecked, it can slowly drain a firm of its financial resources and ultimately harm the firm's credibility and reputation with clients, staff and the legal community.
How much money is your firm spending on turnover?
How much of that money could be spent on employee retention? Your challenge is to determine what amount of turnover is necessary and acceptable before the firm's performance, productivity and profit is compromised.
Five signs that turnover
is having a negative effect on the firm
Your firm is spending more on recruitment costs than on retention, but you are not increasing the total number of staff.
Over 20% of the administrator's time is spent on turnover, i.e., (counseling, interviews, paperwork, orientations, trainings, etc.)
There is a substantial increase in your unemployment insurance and/or workers' compensation rates.
Productivity has decreased not only on the vacant desk, but throughout the firm.
Firm credibility has diminished with staff, clients and the legal community.
If turnover isn't a problem, congratulations.
Low turnover attracts the best candidates.
If turnover is a problem, call us 949.724.1466.
Bordwell & Associates' recruiters know how to analyze the problem
and suggest a variety of solutions.
Bordwell & Associates' recruiters are experts in Corporate and legal placement
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