Cheap Ways To Improve Employee Turnover
When employees frequently leave a company, the impact on business is brutal. According to People Keep, some studies estimate that when a salaried employee leaves, it costs the employer roughly 6 to 9 months worth of the departing person's salary to simply fill that position. It hurts the most to lose a high-ranking, well paid employee. However, replacing someone who earns less than $30,000 still costs a few thousand dollars -- money no business would like to part ways with.
The heavy cost of losing an employee is the same reason that some businesses go to great lengths to improve their retention rates. According to Zawya, there are a few simple ways businesses can increase their rate of employee retention without spending much on the effort.
A simple employee retention fix that costs nothing is to create a happier work environment. Zawya suggests businesses do this by improving communication and encouraging workers to contribute their own ideas on how to improve things.
When a new employee is hired, Zawya suggests that businesses make it a point to acknowledge what they're doing right from the start. It's also a good idea to not overwork employees, whether they're new to the company or have been around for a while.
For more on what Zawya suggests, click here.
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