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Data Bank Focus: Getting Them to Stay

February 8, 2013
Related Topics: Benefit Design and Communication, Employee Engagement, Labor Trends, Retention, Benefits, Talent Management, Data Bank

Even with quit rates rising only modestly since 2007 for most industries, any quit is costly. Replacement costs can run from one-half to five times an employee's salary.

If you haven't calculated the cost to replace all the employees your company loses in a year, take a look at the salaries of the people who left last year and estimate the low-end and high-end costs. Even using the factor of one-half of an employee's salary, it's a cost that can have a significant effect on a company's profitability.

Most employers do worry about keeping talented and productive employees onboard—fully 65 percent of employers, according to Towers Watson & Co. Recent research from Mercer and Cornerstone OnDemand provides insight into what employees want and what can play a role in keeping them.

Workforce Management, February 2013, p. 18-19 Subscribe Now!

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