According to the Center for American Progress, replacing one employee can cost a company more than 21 percent of the employee’s annual salary, on average. Other estimates assert the cost can climb to 400 percent of that salary, depending on the position and level of experience.
While those numbers may be shocking, we’ve known for years that high turnover rates result in losses in productivity, added expenses for recruitment and training, decreases in quality and output, and many more problems. So the question is: What are you doing about it?
Many conditions can contribute to employee turnover, including non-competitive pay, poor leadership, workers feeling undervalued and unrecognized, or a dearth of opportunities and challenges. But in my experience, turnover is more often rooted in bad hiring practices that haven’t changed for years.
Three unique strategies can maximize the involvement of internal team members to help you hire the best people for your company and keep happy employees on board… <READ MORE HERE>