Keeping your best employees with you is a crucial, but often underrated, way to stay efficient and profitable. Replacing an employee can cost 16 to 213 percent of that person’s annual salary.
When the great soul singer Aretha Franklin passed away in August, 2018, her signature anthem “Respect,” from 1967, featured prominently in the coverage. It’s a great song that’s still popular—and part of its appeal lies in the fact that everybody feels the need to be respected for who they are and what they can do.
Employee retention—making sure you hold on to good employees—is one of the most significant but most easily overlooked ways to make, and keep, your organization profitable. Why is it important? The numbers tell the story.