article thumbnail

How to Address High Turnover With Retail Employees

Achievers

The highest turnover rates are for hourly employees: 65% of them will leave their jobs for greener pastures, and it costs a full 16% of their annual salary to replace them. . When you add it all up, retail employee turnover is incredibly expensive. . 5 strategies for retaining retail employees .

Retail 125
article thumbnail

How to Protect Your Company from High Employee Turnover

Achievers

Current statistics from Catalyst show that it costs an average of one-fifth of an employee’s salary to replace that person, which means that for a position paying $50,000 a year, your replacement costs will generally run over $10,000. The dimensions of the problem. Make room for personal work styles.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Keeping Millennial Workers: How to Improve Employee Retention

Hppy

A new employee can cost a business around 1.25 times the base salary range. For example, someone with a yearly salary of $50,000 can potentially cost the company between $62,500 and $70,000. Companies should begin thinking about how to keep millennial employees throughout the interview portion of their hiring process.

article thumbnail

How Job Hopping Can Affect Your Bottom Line

Hppy

This presents a challenge to businesses, since employee retention can mean lower operating costs and a better bottom line. Find out how you can use people analytics to predict, manage and measure the impact of HR operations by downloading our new white paper. Increased Hiring Costs.

article thumbnail

Using HR Data To Grow Your Startup

Hppy

You have to interview, hire, provide orientation, determine salaries, and figure out how you keep those who are productive and valuable. Where do you go to find the information you need to make good hires, to keep good employees on board, and to create an environment that fosters productivity and job satisfaction? Employee Retention.

Salary 28
article thumbnail

7 Reasons Why Your Company Needs an Engaged Workforce

Achievers

You’ve seen the alarming statistics on the cost of replacing employees : replacing a worker can cost you anywhere from tens of thousands of dollars to twice the departed employee’s salary. ” Do you want to learn more about employee engagement and where it’s heading? Share your comments below.

article thumbnail

How Good Leadership Can Reverse Turnover

Hppy

times someone’s salary to replace them. I cannot tell you how important recognition is to employee retention, particularly with the advent of the Millennial generation in the workforce. Download the white paper and see how you can create an integrated, engaging employee experience using people analytics!

Mining 46