Employee turnover is a huge problem and it affects every industry. Businesses are built around people and it takes a lot of time and money to find the right replacements when someone decides to continue his or her career elsewhere. Business owners often forget about the true costs of losing and then having to replace employees. You are not simply losing money on the hiring process.
Sure, it does take time and money to find the right candidate but that’s not where it ends. You also lose money on on boarding and training. While your new employee is getting used to his or her new role, productivity is lower and you are losing money yet again. Even when you are replacing hourly workers who make minimum wage, it is still costing you thousands of dollars to replace them.
To improve employee retention, business owners and managers have to work daily on improving company culture and enabling employees to grow and develop their skills within their company.
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