How to Reduce Turnover

Author: Deborah S. Hildebrand

Turnover can be expensive for employers. Experts suggest that to replace an employee it can cost 25 percent or more of the employee's annual compensation. In addition, the loss of institutional knowledge and productivity can erode employee morale. Identifying trends, patterns and causes can allow employers the opportunity to address issues before problems escalate. Employers concerned about employee turnover and seeking ways to reduce attrition should follow these steps.