Replacing old employees that leave with new employees has been part of business for a long time, but recently, people have been leaving jobs willy-nilly. In 2018, 1 out of every 4 employees left their job. Over ¾ of that turnover could have been prevented by employers. Employee turnover is becoming a bigger problem for employers, due to the fact that new potential hires haven’t been showing up after signing up for an interview. They do this because of the multitude of jobs available, they can afford to be picky about which jobs they want to work and who they want to work for.
When an employee employee leaves, replacing them takes a lot of time and money. Replacing an employee can cost at least ⅙ of what their salary was, and the cost to replace a $10 an hour employee can cost more than $4000. When people leave, companies pay for recruiting, which also takes time, onboarding, training, productivity, and customer service.
Find out what turnover is doing to businesses, how they are dealing with it, and how this problem could get better here.