High employee turnover is one of the most significant drains on a company. Although you may expect that there are costs associated with high turnover, additional factors come into play when employees are leaving in droves. These can include problems with your brand’s reputation and employee morale.
In this article, Jason Kulpa highlights the importance of retaining your best team members while exploring the unexpected ways in which high employee turnover can cause problems for your business.
As you might expect, replacing employees creates a significant financial strain for companies. In general, businesses with an average turnover rate spend around 12% or more of their yearly income on costs related to employee severance
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