IT Might Be Too Good at Employee Retention
While most employers fret about having too much turnover, IT often has too little.Retention is one of those rare workplace topics that seem to resonate equally on both sides of the employment fence. Businesses that take personnel retention seriously by actively implementing policies to discourage their employees from fleeing to greener workplace pastures stand to save a lot of money because employee turnover is costly.
The Department of Labor estimates that it costs a company one-third of a new hires annual salary to replace him or her. Much of the reason this is so high is because turnover is full of hidden costs, from training new employees and the time it takes to get them up to proficiency to project downtime related to the departure and the costs of temporary workers.