One skilled employee leaving your company could be as much as £30,000, according to Oxford Economics. In some cases replacing an employee costs more than what the company was actually paying the employee.
Even worse, the cost of turnover, depending on your sector, could as high as 3.5% of your sector’s output. These are extraordinary, eye-watering figures for any department. They should inspire anyone to think very seriously about improving employee retention.
The good news is, we’ve written about how to start fixing this already. If you have 10 minutes, we have 14 areas any business can invest a bit of time and energy in that will inspire staff to stick around longer.
Read our full blog here on 14 things any business can do to address employee retention.