The cost of losing good workers is high. A study from UK estimated that the price of replacing an employee is around $40,000 – this includes advertising, recruitment fees, lost productivity and time taken to train the staff so that he/she will be up to speed with the work.

The most important question is: Why do people leave their jobs?

Possible reasons include:

• They are unhappy with their boss / company’s management.
• They feel unchallenged by their work, or see no progression in the company.
• They are feeling burnt out and want to look for a change in environment.
• There is a lack of appreciation and recognition for their performance.
• They are worried about the company’s financial stability.
• They cannot see the meaning of their work.
• They have poor relationship with their co-workers.
• They dislike the company’s culture.
• They hope to enjoy autonomy and independence.
• They are looking for flexible work options.

Giving the employee a pay raise may be an option to reduce turnover. However, it may not effectively solve the issue. 

There may be other underlying causes that affect the staff retention. Do you pay enough attention and stay in touch with what your employees are thinking? 

Speak to Wise Hour on how you can retain the employees that you have painfully recruited and hired.