Employee turnover is expensive and it’s a real business issue. A survey in 2016 by consulting firm, Deloitte, suggested that a combination of hiring costs and lost productivity added up to $121,000 per departing employee. Figures from the second quarter of 2018 showed that employee turnover in the American software sector was running at an annual rate of 24%, with two-thirds of those workers leaving voluntarily. And the issue is not slowing down. Turnover in the U.S. was little changed at 5.6 million and total separations rate was 3.7 percent in March of this year, according to Bureau of Labor Statistics.
What can be done to reduce turnover?