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December 2015
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Retention Is Less Costly Than Turnover
Friday, December 4, 2015

While many employers are reluctant to spend money on employee retention programs, such efforts cost far less than replacing a good worker. Figures vary, but it’s estimated that the average total cost of replacing an employee can be anywhere from 25 percent to 250 percent of their base salary, depending on that individual’s role. The average American employee makes around $50,000 a year, so it’s easy to see how the costs can quickly add up during a period of attrition. However, there are several ways to retain employees that don’t cost a dime, such as offering flexible hours and adaptable days. Both perks can relieve pressure, reduce burnout rates, and keep employees happy and motivated. Increased benefits can also help in increasing retention. Additional vacation hours, increased medical benefits, or even free gym memberships can all go a long way in keeping employees loyal. Investing in employees also greatly increases retention rates. Training and career development programs give employees a greater sense of purpose and increase motivation. 

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