Do you understand the impact that turnover has on your company, in terms of lost business and productivity?
Hiring talented employees is just the first step to maintaining a quality staff, and many companies don’t understand the negative impacts that employee turnover can have on the bottom line.
Too often, businesses fall into the trap of being too focused on their hiring methods, and they don’t realize that employee retention can be more important than hiring.
It has been said that turnover costs about 1.5 times the employee's annual salary, because of the time and resources that it takes to hire and train a new employee.
Once you have hired the right candidate, keeping them satisfied with their job is one of the best ways to reduce turnover and improve your bottom line. It’s a win-win situation: the employee is satisfied so they work harder to excel in their position, and the company maintains good talent which can help to improve the bottom line.