Are you having issues retaining your employees and engaging them long-term? Well, you’re not alone.
Employee retention is one of the most challenging problems business owners face. According to the Society for Human Resource Management’s report, the direct cost of replacing an employee range between 50 to 60 percent of the employee’s annual salary, but the total associated cost of the turnover is between 90 to 200 percent of the employee’s annual salary. To use simple math, if your employee was earning $100,000, it can potentially cost you $200,000 to replace them. Then, multiply this cost by 5 employees who churn annually, and it becomes a $1 million problem.