One of the most important indicators of organizational health is employee turnover. Despite the high unemployment rates we’ve seen during the COVID-19 pandemic, almost 30% of hiring managers say that employee turnover is a major concern. Employee turnover is an extremely costly problem and organizations spend thousands of dollars on retention activities trying to mitigate it.
To understand the total cost of employee turnover, it’s important to look at both the direct and indirect costs:
It’s clear that employee turnover is extremely costly and has both negative financial and cultural effects on an organization. Let’s examine some areas where retention practices are effective in helping organizations reduce turnover:
It’s important to not only implement good retention practices but to also measure their effectiveness using an ATS or HRIS. Tracking employee turnover monthly and annually, and across different jobs and departments, can help you proactively respond to turnover issues and retain great employees. At Sincron HR our users utilize the recruitment and retention metrics embedded in the platform as well as the electronic onboarding module to address pain points associated with poor socialization, supervisor feedback, and relevant training and development programs.
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