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Four ways to combat high turnover

Tackling high turnover is vital to the success of businesses operating in the service industries, write Augusto Giacoman and Deniz Caglar for Strategy+Business

There is a direct link between employee retention and high profitability in the service industries.

Managers spend 10% to 20% of their time on recruiting, onboarding and training new employees, with high turnover equal to two to four months of an hourly employee’s pay. It also has a negative impact on productivity – an experienced employee is up to 50% more productive than a new hire.

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Credits:
Source Article: The Remedy For High Turnover
Author(s): Augusto Giacoman and Deniz Caglar
Publisher: Strategy+Business