Here's some math to think about: if our research discovered that 25% of employees would leave for a 10% raise, how many people would you potentially lose in one year if you had 100 folks in your workforce? Now consider the fact that it costs anywhere between 30% and 50% of an employee's salary to replace an entry-level worker, according to Forbes.
So if you lose 25 employees in one year with salaries at $35,000, you're looking at losing up to $437,500. That's not chump change for any business.
But here's the good news. Many organizations are turning to perks as an employee retention strategy, and our friends at SnackNation compiled all the best perks from a recent Glassdoor survey. The more comfortable and valued you can make your workforce feel, the longer they'll stick around.
- 4 Overlooked Perks that Every Employee Actually Wants
- Perks Tech Companies Use to Recruit and Retain Talent [Infographic]