However, they hire good employees too. There is a loss of productivity when there is dysfunctional turnover and the company hires poor replacements, or when mediocre employees are hired instead of superior employees.
To figure out the cost of turnover related to loss of productivity, Club Med needs to know:.
The difference between a highly productive employee and an employee with low productivity.
The number of poor employees that replace good employees.
The recruiting, selecting, and placement costs as stated above.
The value of customer satisfaction.
To estimate the costs of turnover, as related to productivity, Club Med should look at their total revenue. For every customer that is satisfied with the service that they received, they would most likely be repeat customers year after year. Not to mention the fact that they would talk about the excellent service that they received through word of mouth, so there is potential for Club Med's customer base to expand exponentially by hiring productive individuals, thus increasing revenue. .
It would be hard to measure the accuracy of the GOs' productivity levels right now, but in hindsight, after Club Med would implement the strategies that will be recommended, such as hiring the top 85th percentile of employees, the costs of productivity turnover can be measured through customer satisfaction. Club Med should look at it's financials and it's customer base as it is now with the current GOs, then look at the new financials and customer base after the new hiring procedures are implemented. This number is the cost of not hiring top performers, and thus the cost of lost productivity between mediocre GOs and exceptional GOs.
In regards to the turnover costs related to the loss of talented employees, they would be minimal. After refining their hiring and GO selection procedures, Club Med should only hire the top 85th percentile of applicants.
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