Employee retention is a big problem for most companies in the United States. Nearly 57% report this is a big issue that impacts their bottom line. Bad hiring decisions cost companies a lot each year. According to the Department of Labor, the decision to hire the wrong person can cost a business about 30% of that individual’s salary for that first year. Others estimate that employee turnover costs businesses anywhere between 30 and 150% of that employee’s salary for that same time frame. It is no wonder that many firms and businesses opt to use an outplacement company or executive search consultants to handle their hiring.
One way to save money on human resources is to make sure your current employees are happy. Lower staff turnover equals a more robust bottom line. Here are some expert tips