Understanding how to measure and control employee turnover

The cost of employee turnover is exorbitant, with some recent estimates putting the price at $45,000 to $150,000 to replace an employee (This number, of course, would be different for India). Given this cost, it is evident that for the HR department, one of the critical roles is to not just attract talent, but retain them too.

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Understanding how to measure and control employee turnover

Let’s face it. Employee turnover is real and businesses should pay attention to their employees just as they do to their clients and customers. It is a no-brainer that retaining a loyal customer is easier than acquiring a new one. And hence, every business, irrespective of the industries they operate in, attempts to be as customer-focused as possible to keep its customers happy and engaged. Businesses go the extra mile when it comes to retaining their old customers. This scenario holds true for employees too. Companies shouldn’t be focusing only on attracting and hiring the best talents. They should also invest in their learning and development to retain them and turn them into loyal employees to get the maximum benefit out of their recruitment efforts…Read more

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