According to ToolBox.com, the cost of hourly employee turnover is about 25 percent of their wage. Salaried employee turnover costs can range from 1.5 to 14 times their annual salary. The scariest fact of all is that this is a conservative estimate!
Let’s say that your average employee earns $80,000/year. At 1.5 times their salary, we are talking $120,000 of cost to your company, per employee lost.
What could your company do with that $120,000? I know what I would do - most definitely hire another Search Associate, onboard a Marketing Coordinator and sneak in a surf vacation.
What if you took a fraction of that money and invested it into your employees as a pre-emptive strike to keep them? Now that $900 e-course they asked to take, but you said no, doesn’t seem so costly, does it?
Here are proven strategies to keep your best people because; frankly, you cannot afford to lose them to your competitors.
Excitement - You want your employees to be excited...