As the Wall Street Journal notes, a high employee turnover rate can cost “twice an employee’s salary to find and train a replacement.” Not only are there financial repercussions, a high turnover rate can also lower the knowledge base in your company and decrease performance and morale. If you want to avoid this negativity, it’s best to retain your best employees.
Whether you’re a group practice owner or an executive at a multi-national corporation, employee retention is key to long-term growth. Throughout the end of this year, we’ll tackle a number of issues affecting the growth of your organization, from retention to talent acquisition and compensation to employee motivation. This blog will focus on the implications of employee retention.