The financial toll that high employee turnover takes on a business makes it well worth it to invest in the people that make your organization thrive. A study by the Society for Human Resource Management revealed that employers end up spending six to nine months of an employee’s salary during the process of finding and training a replacement.
This may not make a hug impact in the case of a single employee, but when employee turnover becomes a regular occurrence this can really have a negative impact on a company. In addition to the monetary loss, this type of environment can lower both productivity and employee morale.
Keeping your employees on track for long-term employment begins with strategic hiring practices and continues with a strong onboarding process, adequate training and opportunities for growth. Making sure that your staff is engaged and satisfied with their jobs is no simple feat but the rewards can be exponential.
The following infographic from the Center for Management and Organization Effectiveness (CMOE), outlines 17 statistics about employee turnover and strategies to remedy the problem.