easons for employee turnover and how to eliminate them.
Employee turnover negatively impacts the organization by increasing hiring costs, consuming recruiters’ time, and discouraging other employees. The company’s losses due to employee turnover are huge. According to SHRM, the average cost of a resigned employee is about one-third of their annual earnings. Additional expenses account for soft costs (67%), such as reduced productivity, interview time, lost knowledge, and hard costs (33%), including recruiting, background checks, and temporary employees.
If you’ve spotted the growing employee turnover rates, it’s time to think about your HR strategy and figure out why people leave. In this blog post, we’ll take a closer look at the causes of employee turnover and the ways to prevent them.