How Workforce Training Reduces Employee Turnover
Turnover is expensive. You already know this. Each time someone leaves through the door, you’re losing more than an employee. You’re throwing away the time and money you invested in recruiting them, the weeks or months you spent training them up, and the productivity they finally delivered just before they quit. Replacing a worker costs between 16 to 20 percent of the worker’s salary, say experts. That’s $8,000 to $10,000 wasted for a skilled machinist earning at a rate of $50,000 a year.