Workplace Culture

Data Bank Focus: Getting Them to Stay

By Betsy Shepherd

Feb. 8, 2013

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!

About Workforce.com

blog workforce

We build robust scheduling & attendance software for businesses with 500+ frontline workers. With custom BI reporting and demand-driven scheduling, we help our customers reduce labor spend and increase profitability across their business. It's as simple as that.

Book a call
See the software

Related Articles

workforce blog

Workplace Culture

5 lunch break statistics that shed light on American work culture

Summary Research shows how taking lunch breaks enhances employee engagement and productivity. Despite t...

lunch breaks, scheduling, statistics

workforce blog

Workplace Culture

6 Things Leadership can do to Prevent Nurse Burnout

Summary Nurse burnout is a serious issue in the healthcare business and has several negative consequenc...

burnout, Healthcare, hospitals, nurses

workforce blog

Workplace Culture

5 tips to reduce employee no call, no shows

Summary No call, no shows are damaging to businesses. High no call, no show rates could suggest problem...

absence, attendance, no call, no shows, time