Wally Bock Answers Your
Supervisory Leadership Question
How costly is employee turnover
and what can I do about it?
Employee turnover can be costly. Depending on your industry and which expert you consult, replacement cost can range from half to one and a half times a worker's annual salary. There are four keys to cutting turnover and keeping good folks.
Get some good ones in the boat to start with. That means having a good idea of what kind of person does well in your workplace and not settling for marginal hires just because you've got open positions.
Second, provide reasonable compensation. Salaries don't need to be high, but they must be perceived as fair. In today's world benefits, especially health insurance, can be a competitive advantage.
Third, provide good training. Initial training should both teach important job skills and inculcate organizational culture.
Fourth, make sure you provide good supervision. Solid research by Gallup and others tells us that the relationship with a person's immediate boss is a key driver of worker satisfaction and productivity.
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