How Do You Retain Talent?
It’s expensive to replace an employee. After factoring in the hit to productivity, lost training costs and the expenses associated with bringing a new team member on board, the cost of replacing an employee can add up to about 150% of the departing staffer’s wages. And that’s just the average cost of losing a worker; the cost of losing an employee with a hard-to-find skillset or extensive industry knowledge can soar even higher.
- Deloitte reports in their Global Human Capital Trends 2015 study that 87% of companies now rate “retention, engagement, and culture” as an important imperative and 50% rate it “urgent.”
- The the need to build a global leadership pipeline came in second.