How much money is your business losing to high employee turnover — you might be shocked to find out!
According to a study conducted by the Society for Human Resource Management, employers will often end up spending six to nine months of an employee’s salary to locate and train a replacement for them. While this may not have a major impact in the case of a single employee, it can be incredibly detrimental when high employee turnover (regardless of type of employee turnover) becomes the norm — especially when you consider the negative toll it can take on existing employee productivity and morale.
But how do you avoid the cost of high employee turnover? The following infographic from the Center for Management and Organization Effectiveness (CMOE) has identified 17 shocking statistics about employee turnover and possible solutions to resolve the issues it creates.
For more research-fueled insights on how to predict and decrease turnover, download our free ebook, Top 5 Predictors of Employee Turnover.