Employee turnover is an expensive problem for most businesses, and that cost is skyrocketing. To replace just one retail employee the tab can average $4291, and global costs for turnover are expected to grow by $80 billion by next year. How can employers fight back against turnover in a world where employees are leaving for new jobs in record numbers?
The jobs market is strong enough that people who aren’t satisfied with their jobs or their pay now have the opportunity to move on to better prospects. But if your company can’t afford to pay higher salaries to keep people around, what can you do?
Offering benefits has long been the solution to keeping employees happy when take-home pay isn’t enough alone. Companies that offer benefits have a dramatically lower rate of turnover than those that don’t, which can offer dramatic savings when it comes to replacing workers who have moved on.
Learn more about the effects of turnover and how it can be prevented below.
infographic by: www.paycor.com
