When a company’s level of success is measured, one of the things that is definitely taken into high consideration is its employee turnover rate. Although it can’t be helped that there will be times when someone has to be released or leaves to go to another job, when there is a high amount of people who fit into this category, it can send a message that there are some internal challenges within a business that need to be thoroughly addressed.
Aside from the company structure issues that may come with employee turnover, it can also cause a bit of financial stress because there are many costs that incur whenever someone leaves. Here are a list of five main ways that turnover affects a business:
Work doesn’t get done as effectively. When you hire someone to do a certain job and they are no longer present to do it, this means that either someone else has to take up the slack or the work will not be done until another individual can be placed into the position. Either way this slows productivity down and as we all know, “time is money”. The less people there are who can work, the less work that gets done in a timely fashion.
