How to Avoid the Costs of Employee Turnover

NCMA

byMichael Hyatt

If you’re running a business or leading a team, chances are you’re felt the effects of employee turnover. According to a Gallup study, losing an employee costs anywhere from one-half to two times the employee’s annual salary. For example, a 100-person organization that pays out an average annual salary of $50,000 could have turnover costs around $660,000 to $2.6 million per year.

Not to mention the unquantified costs of losing someone who was extremely talented and a good cultural fit. Or arguably worse, the pain of hiring someone who turned out not to be a good fit at all.

Hiring and keeping good employees is hard work. It is critical that you take the time to slow down and really evaluate each candidate to see who will be the best fit for your company. It can be tempting to want to rush to hire someone. However, that could…

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