HR leaders understand that employee retention is critical to the success of a business, especially when it comes to top performers. Our white paper, “Retaining Key Employees,” offers proven strategies that you can quickly and affordably implement in your business.
What’s the cost of poor employee retention?
Losing an employee to turnover can cost you. In fact, according to studies, the average cost to replace an entry-level employee is 16 percent of that person’s annual salary. Thus, the cost to replace an employee making just $10 an hour would be a staggering $3,328.
When it comes to your seasoned, experienced employees, the cost of turnover is even higher. For middle managers, it can cost you 20 percent of their annual salary to find a replacement, and for senior employees, the cost averages between 25 and 35 percent. Thus, the cost of a sound retention program can far outweigh the expenses of losing your best employees.
Learn how to retain your best employees.
The cost of turnover is high, but developing an effective employee retention plan doesn’t have to be expensive. In our white paper, we explore practical, proven and cost-effective ways you can lower your turnover rate without raising your budget. We also provide a step-by-step guide – from recruiting to interviewing to managing to exit interviews – which you can follow in order to raise retention rates in your organization right away.