High turnover rates can be costly for any business. The expenses are not just financial but also include the intangible costs of lost productivity and employee morale. Key costs include:
Recruitment Costs: Advertising, interviewing, and hiring new employees can be expensive and time-consuming. Training Costs: New employees often require extensive training, which can divert resources from other critical areas. Operational Disruption: High turnover can disrupt workflows and reduce overall efficiency.