“It is said that employees don’t leave companies, they leave people.” Dale Carnegie
Employee turnover can be expensive. Tally up lower productivity, loss of skills, training costs, and recruitment costs and pretty soon you’re talking about a good chunk of sometimes hidden expenses. On a broader level, some economists lament the recent slowdown in labor market churn suggesting less job swapping means the economy is now slower to reallocate labor to more productive uses. Analysts also suggest that lower turnover results in wage stagnation for employees who may accrue salary increases from changing jobs.
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