If you feel stressed trying to hire, manage, and retain your employees, you’re not alone. More than 50% of companies in a global survey say they have a hard time with employee retention.
To add to the stress, losing an employee is incredibly costly, especially in a small business.
Depending on the position at your company, the cost of replacing a single employee is probably much higher than you’d expect:
• Entry level employee – 16% of annual salary
• Mid-range employee – 20% of annual salary
• Executive employee – 213% of annual salary
When you understand why your employees leave, you can take steps to keep them happy and profitable. A little bit of awareness goes a long, long way and can save you a lot of money.
In the infographic below from the hiring experts at Manila Recruitment, they outline several factors that affect employee retention.
• 10 statistics about losing employees
• The top reasons why employees quit
• The simple steps it takes to engage your staff at a higher level and get them to stay
Unlike our big corporate brethren, we small business owners have the advantage of being able to make changes fast.
No, there isn’t a magic button you can push or a pill you can take to instantly fix your employee management problems. As with anything worthwhile, building and managing your team requires work.
The good news is that you don’t have to be a human resources wizard to get outstanding results in your company.
The reasons why employees leave is often the result of faulty business process management.
With an understanding of why employees are leaving, it’s much easier to map new business processes to keep your employees happy for a long time to come.
If you like the infographic, please use the social buttons to share.
And if you have a comment, we’d love to hear about your experience or get your tips for managing employee turnover in a small business.