Why do 46% of business leaders say turnover is their number one problem? Because it’s not a simple inconvenience, it’s a problem that if gone unresolved can seriously impact your bottom line.
Here’s what’s at stake:
Money
- When entry-level employees leave, it costs 30-50% of their annual salary to replace them.
- When mid-level employees leave, it costs upwards of 150% of their annual salary to replace them.
- When high-level employees leave, it costs 400% of their annual salary to replace them.
Time
Unusually high turnover can be a significant time suck. Exit interviews, advertising the job, recruiting candidates, interviewing and onboarding and training replacements…it all adds up.
Productivity
High turnover not only leads to additional recruiting and training expenses but also shows up as lower productivity for other associates who are picking up the slack during the gap of hiring a replacement and getting him or her up to speed.
In this guide you’ll learn:
- The true causes of employee turnover
- Retention strategies
- How to solve the turnover problem with metrics and insights
Start reducing turnover in your organization today and download the guide.