Mitigating Turnover And Enhancing Communications To Meet Evolving HR Demands
Forbes, April 01, 2021, By Dinesh Sheth
We all know 2021 will go down in history as the year of the Great Resignation as Americans left their jobs in record numbers. At the end of last year, the U.S. Bureau of Labor Statistics reported the U.S. set a new quit rate record, and according to a PwC study, 65% of employees were looking for a new job.
Staff turnover is costly-as much as an estimated one-half to two times the employee's annual salary is needed to replace an employee. In addition to the costs incurred, employers must spend the time and expense to locate and train employees to replace those who quit. The HR department has not been immune to staff turnover. Right now, many companies have fewer HR professionals managing increased workloads while trying to find new and innovative ways to communicate.