Meanwhile, the proportion of people with jobs is at an all-time high, as the economy continues to boom. You can't watch the news without hearing about record low unemployment rates. That means fewer people available in the labor market. One quickly realizes how the workplace has been transformed into a virtual contest to keep employees. After years of downsizing and restructuring, managers now see the laws of supply and demand have shifted.
Employees are now in the position to pick and choose.
With the fierce competition for staff and excessive training costs, retaining staff is an issue every podiatrist must face. We all know turnover costs money. From administrative costs to replacement costs to the training costs of new hires, every employee who walks out the door means a major dollar loss. Joseph M. Cobo, CEO of Florida Medical Management Consultants, Inc. has been consulting with physicians for 20 years. If we dig a little deeper, a number of other possible costs of turnover became apparent.