In any business, keeping control of your budget is a top priority. Sometimes there are things that are outside of your control, like natural disasters and the like, that affect your company’s bottom line. But there are other things that may feel outside of your control that you can actually have some bearing on, such as turnover. Turnover is extremely costly for any business, but the good news is that there are a few simple steps you can take to prevent a large percentage of your company’s turnover, saving you big in the long run.
Last year employers paid $600 billion in turnover costs, and that number is expected to skyrocket. Even for an average retail employee the replacement cost is more than $4000, but employees that have benefits are more likely to stick around than those who don’t. In fact, companies that offer a standard 6 benefit plan decrease turnover by 138%, while the average turnover rate in companies with no benefits is 157%.
Things like health insurance, vision insurance, dental insurance, and more are very important in the long run when it comes to employee retention. Learn more about the benefits of benefits from this infographic, all about reducing employee turnover.
Infographic source: https://www.paycor.com/resource-center/the-growing-problem-of-employee-turnover