In the steady but lackluster growth the country is experiencing, more people are staying put in their jobs, right? Wrong: About 3 million people voluntarily leave their jobs every month—and that doesn’t include those that are fired.
When you lose a person, you might think of the cost of replacing them as simple: Post a listing, review resumes, and make the hire. But your losses are more difficult to measure. There’s the knowledge that walks out the door, of course, as well as the months-long process to get a new hire up to speed. That may lead to more errors and greater inefficiencies as others try to compensate for the loss.
Want to learn more about why you need to focus on employee turnover? This graphic can help.