Yes, $23,410 is the average cost to replace one staff member, according to the 2019 National Salary Review.
Also released, was that businesses with up to 100 employees on average lose 11 employees per year. This comes to a total of $257,510 per year just in replacing employees.
$257,510 does not cover:
* The knowledge that has just walked out the door;
* The lack of morale around the office because someone has left; or
* The increased stress levels with staff left to cover the role until a replacement has been found.
As a business, how could you better utilise $257,510 to attract and retain talent?
Over the next few days, we will explore how you as the business owner can better utilise this money to retain and attract the best employees for your business.