Nothing hurts a firm as much as having strong, talented employees walk out the door. It can damage the company’s image, lower the morale of other employees, and have a major impact on the bottom line. It costs anywhere from 30-50% of the individual’s salary to rehire and train a replacement. For example, if superstar project manager Becca Taylor leaves XYZ Company where she made $125,00 per year, it will cost $37,500 to $75,000 to replace her. Here are seven steps to foster an environment your superstars won’t want to leave:
Neels & Company - Strategic Business Communication
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Article Submitted On: September 18, 2006
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