Industry and employment news is filled with stories of employees moving on to greener pastures now that the job market has opened up a bit. This coming and going is generally referred to as "turnover." As a small business owner, why should you care? What impact does turnover have on your business? We are going to attempt to answer those questions in this article.
For decades, experts in talent management have emphasized the costs that are produced by turnover. It is usually said that depending upon the complexity of the job and the level of management, the cost of turnover can equal anywhere from one month's to several years' salary for a departing employee.
In a recent article, we talked about job-related frustrations experienced by employees. Those frustrations included "not sharing about salary and benefits", and "not having a culturally diverse and gender diverse leadership teams." This week we are addressing the consequences of those mistakes and others--employee turnover.
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