As Seen in Multi-Unit Franchisee Report – 4 Ways to Avoid Losing Key Talent
Turnover in an organization brings a high cost to the company, which unfortunately, much of that cost can be avoided.
Findings from the Saratoga Institute, a group that regularly reviews and updates the financial and organizational costs of turnover, estimate the financial costs range between 12-40% of pre-tax income. This translates to anywhere from $120 – $400 of every $1,000 pre-tax profit is absorbed in turnover costs.
In this article, Dan Schneider and Renay Winston, President of People Management Solutions share focus areas to help start bridging the gap between turnover and retention.