What are the Financial Implications of Employee Turnover?
The financial impact of employee turnover can be substantial. Costs associated with turnover include:
1. Recruitment Costs: Advertising, interviewing, and hiring new employees. 2. Training Costs: Time and resources spent on training new hires. 3. Lost Productivity: Time taken for new employees to reach full productivity. 4. Operational Disruption: Potential delays in project timelines and delivery.
By understanding these costs, businesses can better appreciate the value of investing in employee retention strategies.