High employee turnover can hurt a company’s finances in the long run. It costs money to seek employees, attract them to the business, call, and interview, hold orientations, conduct background checks, screenings, and training, etc. This is just the beginning. This does not include any other course offerings, higher education, sponsorship, benefits, or mentoring provided and lost due to the employee leaving or getting fired.
How many businesses actually gain finance from employees leaving after receiving training and other offers provided? None.
That is why companies need to focus on who they are hiring. It is not about just skill and education.
Does the candidate “fit” with the company’s mission, vision, and values? Are they seeking a career or something that pays their bills? It’s important to make sound decisions and not just hire the first person that walks through the door. Another way to help with this issue is by offering a competitive wage and benefit package. Keeping employees happy is a great motivator.