Business owners are always striving to keep costs down while looking to generate greater profits. But one of the areas of cost that is often miscalculated is the cost of employee turnover. And it is greater than you think.
According to work management company Wrike, employee turnover is costing U.S. companies over $160 billion a year. And Harvard Business Review notes that high performing employees can deliver up to 400 percent more than the average co-worker. Consequently, the loss of a high performing worker can vastly increase the costs that result from their departure.