The Cost of Employee Turnover | INNsider Tips-033

Welcome to INNsider Tips.

In today’s INNsider Tip, I will talk about the cost of employee turnover.

A recent survey indicated that 40 percent of employees who receive poor job training leave their positions within the first year. They name the lack of skills training and development as the primary reason for leaving.

Consider the cost of replacing an employee.

With one fewer worker, your property’s productivity is going to slip.

Your sales might decline.

Your current employees have to take on extra work.

Morale might suffer and to find a replacement, you spend time screening and interviewing applicants.

Once you hire someone, you need to train that person.

The cost of employee turnover quickly adds up.

Numbers may vary, but with time and replacement costs it could reach as much as $2,500, depending on the position.

That is a heavy price to pay for not training staff.

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