If many of your employees – more than what’s expected in your line of business – have quit over a short period of time, you may have noticed that this had an immediate impact on practically everything, from a decrease in employee morale to an increase in hiring costs to lost productivity. Additionally, you may have even experienced negative public opinion about your company.
The truth is, high employee turnover kills business. However, it’s entirely preventable, and fortunately there are very actionable steps any company can take to decrease turnover, and increase employee happiness and engagement.
We’ll get into that in a moment, but first, let’s clarify the definition of turnover. Turnover is when an employee leaves a company, either voluntarily because they choose to seek other opportunities, or involuntary due to being fired or laid off. This is different from attrition, which is when an employee leaves for a natural reason like retirement, personal health or through the elimination of a position.
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