Is turnover expensive?
Yes, turnover will cost you.
How much depends on the value you put on your employees.
According to a Forrester estimate, the average cost to hire ranges from
25 percent to 100 percent of a construction executive's annual construction salary (this estimate does
not include vacancy costs). In other words, if a midlevel IT construction manager who
earns $75,000 in annual construction salary decides to leave, it could cost anywhere
from $18,750 to $75,000 to hire a replacement. Those figures will vary,
says Symons, based on the type of job and the skills required for it,
the tenure of the former employee and corporate HR policies on hiring. However, the message is clear: Turnover is expensive.
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