Employee turnover is one of the most massive constraints on businesses worldwide. Not only are small-scaled businesses facing this issue, but large businesses are as well. It is estimated that nearly $1 trillion of budget losses are due to employee turnover in the USA.
The extravagant pressure doesn’t only introduce the need to back-fill the vacant role, it also ignites the need to train the new hires. Although very important, both of these tasks are tedious and time-consuming that pre-dominantly impact the overall productivity of the company.
According to research, it takes almost two years for the newly hired to acclimate to the new culture and make an impactful difference. The recruitment cost combined with the training costs are significant, creating a gap in the workplace.