In at least one way the security industry mirrors the fast food business – the employee turnover rate is nearly 400 percent annually in both lines of work. So, for each position a security company’s HR department has to fill, they really have to recruit, train, outfit and deploy four people each year. Market forces virtually prohibit security firms from paying higher wages because the “investment” increases in direct proportion to the hours worked. If the added costs make your firm uncompetitive or unprofitable, the discussion of retention and morale is moot. Considering these factors, it may be time for sophisticated managers to discover clever ways of investing prized resources.
Many security firms budget between $300 and $400 for uniforms for each security officer they hire. At a 400 percent turnover rate, this amount can total $1,600 in gear that cannot be re-deployed and were not invested wisely to retain the talent that the HR department has spent thousands of dollars to screen and recruit. Since uniform costs also increase in direct proportion with hiring, it is vital that managers identify re-deployable equipment that helps with the retention of employees and simultaneously improves morale.