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Most practice owners think employee turnover costs them the time and inconvenience of finding a replacement. The real number can be dramatically higher.
In this episode, Kevin Johnson explains why replacing a single employee can cost anywhere from 100% to 200% of that person’s annualized salary once vacancy losses, recruiting, onboarding, training, reduced productivity, mistakes, and team disruption are taken into account.
Kevin also examines one of the most overlooked retention tools inside a practice: the raise conversation. He explains why employees should know exactly what skills, behaviors, and performance standards are required to advance their compensation, and why avoiding conversations about money can ultimately cost far more than the raise itself.
The episode also explores compensation transparency, employee development, and what deliberate leadership looks like when you identify a high-value team member before they have a reason to leave.
If you are investing heavily in recruiting great people but not putting the same effort into keeping them, this conversation will help you rethink the economics of retention.
