How Much Turnover is Costing Your Business and How to Prevent It

In the defense industry, it is important to reduce turnover as much as possible. Oftentimes, it takes two months or more to recruit, vet, and onboard a new defense employee. When they turn out to be a bad hire or leave the job quickly, it can cost your business a lot of money. Thankfully, you can help prevent turnover by using some of the tips discussed below. The Hidden Cost of High Turnover Truth is, most businesses can afford high turnover rates. There are a lot of costs associated with hiring someone new and training them. Expenses that often get overlooked include the cost of advertising the job, screening, interviewing, onboarding, and training. Oftentimes, other employees wind up working overtime while you search for a new hire, leading to burnout and lost productivity. Not to mention, you’ll be paying the labor costs for your hiring manager and the rest of the hiring team. ......