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What are some of the drivers of the high price tag on employee turnover?

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What are some of the drivers of the high price tag on employee turnover?

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10

To succeed, some of the best companies employ strategies that minimize employee expense while increasing productivity. The ones that do it well invest in their highest commodity — the workers. The expense of replacing an employee is usually estimated to be one-third of his or her annual salary. Although that ratio varies by employer and position, every time an employee leaves the company either by choice or by downsizing, the company bears a significant cost. These expenses include temporary staff, overtime, loss of productivity, lost customers, recruitment, training and HR, and the hiring managers’ time. What are some creative, inexpensive ideas for boosting employee morale? Fostering a comfortable and inspirational atmosphere doesn’t cost much, but the return on the investment can be immense. Happy employees who feel a part of the team are less likely to look elsewhere. Here are some ideas for creating this positive environment: • Encourage and support innovative and creative ideas f

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