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| Making an effort to retain employees who might otherwise be lost can add value to a business in terms of improved work performance and labour productivity. |
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The cost to a business of losing a valued staff member is
recognised to be 50-100% of the annual wage of that person. This is
the result of both direct and indirect costs of unplanned employee
turnover.
Direct costs are such things as the cost of recruitment, the cost of training a new person and the cost of mistakes made by the new person while they are becoming familiar with the business.
Indirect costs are such things as reduced business performance, increased stress and the effects of reduced job satisfaction while remaining staff run the business short-handed.
For more information:
- Fact Sheet: Retention Strategies PDF File (95kb)
- Template: Questionnaire to Identify what is Important to Employees PDF File (47kb)
- Template: Questionnaire to Identify what is Important to Employees MS Word File (107kb)
