Smart businesses are concerned about turnover, because turnover is expensive. When you need to replace an employee, you’re out the following costs.
High Cost of Employee Turnover
Recruiting costs. These can be high or low, depending on your organization and the level of the position. A grocery store that is constantly recruiting and hiring cashiers doesn’t have a huge incremental cost to recruiting one more person.
But if you’re looking for a Chief Information Officer – a highly specialized job – you may have to hire a headhunter, and that can cost you around one-third of the final annual salary. That’s a big chunk of change.
To keep reading, click here: The Costs (and Benefits) of Employee Turnover