Turnover is costly for all businesses, large or small. For a worker you are paying $24,000 a year, it will cost you an additional thousand or so dollars to replace them. However, the small business owner may feel the impact more immediately and to a higher degree. While there may not be a magic formula for attracting and keeping entry-level workers, here are some tips to consider.
Annual performance reviews can be stressful for both employees and managers. Here are some simple but effective tactics to help minimize your employees' anxiety and ensure reviews are both fair and effective.
Replacement costs usually are 2.5 times the salary of the individual. The costs associated with turnover include lost customers, business, and damaged morale. In addition are the hard costs of time spent in advertising, screening, verifying credentials, references, interviewing, hiring, and training the new employee just to get back to where you started.
DISCLAIMER: The information contained in these articles is intended to provide useful information. It is published with the understanding that the publisher is not engaged in rendering legal services. For specific legal advice, please consult your attorney.
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