Employee attrition (EA) is a problem that affects many businesses—some more than others. Whether a company loses one person a year or is turning over 30 percent of its staff annually, EA can be very costly and oftentimes is avoidable.
Before an organization can take proactive measures to reduce EA, key company personnel must have a complete understanding of EA in addition to its main causes as it relates to their business. Initially, a company should understand a new hire and adversely how much it will cost if this employee should leave the company.
When developing a hiring strategy, companies should always consider the cost associated with not only the hiring process but also employee turnover. This article details five key tips to consider when hiring employees and how to maximize your efforts in retaining employees.