Considering the impacts of employee turnover

Wow! This article’s headline is truly mind blowing. "One-third of UK employees expect to leave their job in the next two years." That seems like a major talent challenge...or nightmare. This is going to prevent innovation and consistency, and will cost companies a lot of resources.

According to an article on ERE, the impact of turnover depends on the career level of the employee.

• For entry-level employees, it costs between 30-50 percent of their annual salary to replace them.
• For mid-level employees, it costs upwards of 150 percent of their annual salary to replace them.
• For high-level or highly specialized employees, you’re looking at 400 percent of their annual salary.

With that in mind, you can be certain that companies are looking for strategies to:

• Improve their abilities to find and connect with top talent, which includes creating intriguing cultures that differentiate themselves from competitors.
• Improve the recruitment experience to make it more enjoyable and candidate friendly.
• Expand their talent pool and geographical reach for top talent.
• Enhance the employee on-boarding experience, including their relocation program.
• Improve employee engagement and retention.