How much is high employee turnover costing your business?
According to a study conducted by the Society for Human Resource Management, employers end up spending six to nine months of an employee’s salary in order to find and train their replacement. This represents a massive waste of resources and doesn’t even take into account the negative toll that employee turnover has on productivity and the overall profitability of a business.
When employees are not engaged with their work, productivity has a tendency to see some serious dips. A few methods of increasing both productivity and retention rates include:
- Leadership Workshops
- Strategic Leadership Training
- Team Building Training
- Coaching Skills
- And Team Leadership Training
Once you determine the reasons behind high employee turnover, you can then take action to remedy the issue. So, the question is, how do we keep employees satisfied and engaged in the workplace? The 17 statistics in the following infographic may provide some fresh insight.