What are turnover costs and how can they impact my business?

What are turnover costs and how can they impact my business?

Turnover costs refer to the expenses associated with replacing an employee. This includes recruitment, training, and lost productivity.

Can you break down the components of turnover costs?

Sure! Turnover costs typically include recruitment costs, training expenses, lost productivity, and potential impacts on team morale.

How can I reduce turnover costs in my company?

To reduce turnover costs, focus on improving employee engagement, offering competitive salaries, and providing career development opportunities.

What are some common reasons employees leave a company?

Common reasons include lack of career advancement, poor management, inadequate compensation, and a negative work environment.