Your people are one of the biggest factors affecting your bottom line — for better or for worse.
One of the biggest but hardest-to-predict costs when it comes to personnel is turnover. The Center for American Progress estimates that replacing an employee with a mid-range salary ($30,000 to $50,000 a year) costs 20% of that salary. And the process takes 52 days on average — just imagine the cost of that lost productivity.
Now here comes the scary part: Our research uncovered that 33% of employees are thinking about looking for a new job every two weeks or more. Imagine having to replace an employee every two weeks. The cost will add up, and eventually, you'll lose so much institutional knowledge that it will feel like you're building the team from the ground up. With such an alarming number of employees consistently thinking about jumping ship, it's time to reevaluate your employee-retention strategies.
- 8 Overlooked Areas Where Employee Retention Saves Companies Money
- 5 Unexpected Employee Retention Strategies That Really Work