Effective Employee Retention Strategies To Reduce Turnover
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Employee turnover can cost your business a lot of money. According to Honeybee, the cost of losing and replacing an employee can cost around 40% of their salary! This cost includes lost business revenue due to the disruption, unused vacation payout, as well as the cost of recruiting and training a new employee. On top of this, employee turnover can hurt workplace morale, create extra work for your other employees, and could mean losing talented workers to your direct competitors.