In any business, employee turnover can be a real problem. Not only does it affect the productivity and continuity of the organization, but it can also reflect badly on the organization as a whole if the turnover rate is too high.
Employee turnover has a variety of associated costs, including interviewing, hiring, training, reduced productivity, lost opportunity costs and more. In this infographic, we’ve provided a quick look at what employee turnover could really be costing your business and why you need to pay attention.
Some interesting stats include:
- According to Forbes, “the worst kept secret is that employees are making less on average every year. Staying employed at the same company for over two years on average is going to make you earn less over your lifetime by about 50% or more.”
- When an employee leaves a company, the average raise is between a 10% to 20% increase in salary.
- According to Zen Workplace, it costs between 30% and 50% of an entry-level employee’s annual salary to replace them.
Overall, companies are finding that it is cheaper to retain and invest in employees than it is to replace them. Evaluating employee performance and providing constructive feedback on a regular basis is the best way to help employees grow. Consider investing in a quality employee evaluation solution today. Request a free trial of Standard For Success to learn more.
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