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The Financial Impact of Employee Turnover and How Conflict Resolution Courses Can Help

Employee Turnover

Employee turnover is a significant concern for Canadian businesses. According to the HR Reporter, Canada ranks fourth in turnover rates worldwide at 16%. While the cost of turnover varies for every role depending on salary and onboarding processes, the price associated with hiring and training a new employee is substantial in just about every business. 

Thankfully, there’s a great way to reduce turnover in your organization. Conflict resolution courses can teach your company leaders to work with disgruntled or unmotivated employees, either saving the employee-employer relationship or uncovering important information to save future employees from leaving the organization. 

Calculating the Cost of Turnover

There are quite a few factors that go into replacing an employee, and the total cost can change depending on a variety of factors, including:

  • Exit costs: Preparing papers, finalizing paycheques, and conducting exit interviews are processes that take time and, as such, cost money.
  • Job marketing: In many cases, you’ll need to advertise your job opening on paid job portals and social media platforms. 
  • Recruiting process: The company will need to pay the hiring manager or HR team to analyze applicants, conduct interviews, and complete the onboarding process.
  • Team productivity: Taking team members away from their regular tasks to hire and train a new employee can negatively impact productivity. 
  • Training: During training, an employee must be removed from their regular tasks to educate a new hire, who is also paid a salary for time spent learning processes.
  • Sales decline: An untrained employee typically has less knowledge of the company’s products and services. If employed in a client-facing role, that could result in a temporary decline in sales. 

How Conflict Affects Employee Turnover

Conflict in the workplace is a huge factor that contributes to employee dissatisfaction, often resulting in employee turnover. When conflict resolution skills are lacking in a company’s leaders, minor disagreements can quickly escalate and foster a hostile work environment.

How Conflict Resolution Courses Can Make a Difference

All managers, leaders, and team members can benefit from online conflict resolution courses. Here are several benefits businesses see after completing conflict training: 

  • Enhancing communication skills: Conflict resolution courses equip employees with communication skills that enable them to articulate concerns and actively listen to feedback. 
  • Employee empowerment: Employees with conflict resolution training are more competent at handling disputes with coworkers and clients. This reduces dependence on management intervention and leads to a more efficient workforce.
  • Improving job satisfaction: Workplace stress is significantly reduced when employees and management understand conflict management, resulting in more engaged and productive employees.
  • Financial savings: Investing in conflict resolution courses can lead to substantial financial gain for businesses as a result of reduced turnover rates, reduced need for training and recruitment, and regained productivity.

Reduce Employee Turnover with Conflict Resolution Courses from Negotiations Ninja

The financial implications of employee turnover are undeniable. Conflict resolution courses online offer a proactive solution that your staff can work through at their own pace. They equip your team with the skills they need to effectively manage workplace disputes and foster a happier, healthier workplace. 

Schedule a consult with Negotiations Ninja to learn more and start your journey toward effective conflict management today.