It costs nearly 20 percent of an employee’s annual salary to replace a current employee. If you are experiencing high turnover, chances are you are experiencing high losses as well. The cost of reviewing, training and purchasing equipment for new hires are not only monetary – they also cost time and lost productivity.
Given the high cost of losing an employee, retention should be a top priority for every organization. If you do not already have a retention strategy, now is the time to make one. The first step in curbing turnover is to figure out why employees are leaving.
Find out the four most common reasons employees leave and how to retain quality employees here: HR Insights: Employee Retention Rates