Turnover is costing you exorbitant amounts of money every year and HR departments have been fighting it for decades. The numbers continue to inflate, the need to differentiate yourself from competitors is more important every year, and the cost associated with turnover can debilitate or even cripple a company.
A study from CAP found that the average cost to replace a single employee earning less than $30,000 per year is 16% of their annual salary.
Replacing an employee making $10 per hour equates to $3,328 and this number continues to increase with higher brackets. Costs add up fast.
Hiring a new employee includes advertising, interviewing, screening, and hiring materials, but that’s just the start of cost overflow: The hidden costs add up fast; businesses invest up to 20% of an employee’s salary into training.
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