article source: businessnewsdaily.com
overview: Employers can't afford to have high turnover, which is why employee retention is so important.
excerpt:
Employee turnover doesn't come cheap and can happen even in bad economic times. Just look at Amazon for evidence: During the first few months of the COVID-19 pandemic, the company's turnover rate among frontline workers was double the industry average, The Seattle Times reported. That may not have hurt the e-commerce giant, but high turnover can put a serious dent in the finances of a small business. In fact, replacing just one individual can cost one-half to two times the employee's annual salary, according to 2019 research from Gallup.