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Turnover Myths part 2

Myth #2: Measuring turnover isn’t important Reality: Costs associated with turnover are significant and you should know how much it is costing your business when employee leave. The resignation of an employee earning $60,000 a year can cost a company anywhere from $12 – 30K in cumulative turnover costs. Executive level positions can reach 100-200% of base salary. Seem high? Direct hiring costs and indirect costs combine to make turnover an expensive proposition. Turnover is one of the few costs that HR and the leadership can predict, plan for, and control. In fact, basic turnover is among the easiest of …

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Turnover Myths part 1

Myth 1: You Can’t Control Employee Turnover Reality: Many variables drive turnover in a company. Management style, compensation, and the opportunity to increase professional development are among the top reasons people cite for leaving. Although some factors are difficult to control (employee’s commute, a lifestyle or career change, or spouse relocation), ensuring employees are engaged, rewarded, and retained are absolutely factors that can be controlled by employers: Recruitment: Managing and controlling turnover actually begins during the recruitment process. Being certain the right candidate is placed in the appropriate role with well- defined expectations is paramount. The first 6 months in …