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KYB Today

                                               

04 Apr The Cost of Turnover at Agencies and How This is Impacting Your Growth

Posted at 12:00h in

For Agencies

by KYB Blog  •  0 Comments

Every company faces employee turnover at one point or another. But you might not recognize how much it costs your company every time an employee leaves. Between offboarding, filling the gap, hiring a replacement, and training them, you could be facing tens of thousands of dollars in employee turnover costs. And high costs in turnover mean fewer funds to help your business grow.

According to one study from Employee Benefit News, it costs 33% of an employee’s salary to hire their replacement. So, if an employee makes $45,000 per year, your company could face $15,000 or more in employee turnover costs. That’s money many businesses can’t afford to throw away.

Explore these four different areas associated with employee turnover, and learn how each one costs your company money. 

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16 Feb 8 Financial & HR Tasks That Could Be Automated at Your Agency

Keeping a marketing/ad agency or PR firm on point requires a lot of proactive juggling. Between acquiring new clients, delivering work to current clients, honing creative skills and proficiencies, and staying on top of the latest technology and best practices, there’s more than enough to keep your schedule packed. And that’s all before bringing up the backroom processes that ensure your company functions efficiently and effectively.

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26 Jan 5 Tips to Help You Better Prepare for and Manage Back Office Turnover at Your Agency

 

According to a joint study by 4A’s and LinkedIn, the advertising industry is growing at a faster rate than related industries, but its turnover is higher, causing a 10 percent staffing gap. To mitigate the disruption caused by back office turnover, businesses have started outsourcing their accounting needs and relying on remote bookkeeping and cloud-based accounting.

This same study cites several reasons for the employment gap; namely, the industry’s famously fast pace, high-pressure situations, client demands, and comparatively entry-level salaries.

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25 Jan How To Grow Your Agency with Remote Bookkeeping and Back Office Solutions

As an advertising, marketing or public relations agency, it’s your job to help your clients grow and ensure they are seeing ROI for the services you deliver. We know that the more you can focus on serving your clients and bringing in new ones, the more successful you’ll be. This is why remote bookkeeping and outsourced back office solutions can be a game changer for many growing agencies and firms.

Think about it: Accounting, bookkeeping, payroll and HR are critical parts of your company that can’t be ignored and at times, can make or break your growth as a company. Unfortunately, these critical tasks are also extremely tedious and time-consuming. Advertising and PR are extremely competitive markets, and every moment you spend on non-billable tasks, like bookkeeping or HR, is time that you could have been working for or acquiring clients. Fortunately, there’s an easy solution that can meet your needs and help you grow your agency.

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