17 Shocking Truths About High Employee Turnover [INFOGRAPHIC]
How much do you value the employees behind your organization? If high employee turnover rates are a problem for your business, the answer is, not enough. Successful organizations understand the human element of a business far outweighs the numbers associated with them. However, if you need financial motivation, consider that the cost of replacing an employee can equal six to nine months of that employee’s salary. When employee turnover becomes a trend, the resulting expenses can become crippling.
The Cost of Employee Turnover
It’s easy to fall into the plug-and-play mindset and forget about the unique value each person brings to your business. In addition to exclusive skills and experiences, each of your employees represents an investment in training and time. High turnover has detrimental effects on employee productivity and morale, as well as business operations and revenue. In fact, the Deloitte Human Capital Trends Report found employee retention and engagement the top concern for 78 percent of today’s business leaders.
What causes high employee turnover and what can be done to remedy the problem? The following infographic from the Center for Management and Organization Effectiveness (CMOE) may offer some insight on the issue of employee attrition.