F urther, PwC’s Global Workforce Hopes and Fears Survey 2024 , involving over 56,000 workers across 50 countries, revealed that 28% of employees were likely to change their employer within the next 12 months. This marks an increase from 19% in 2022 during the “Great Resignation” period. Retention is now more critical than ever. High turnover imposes financial tolls, costing businesses millions annually while disrupting team dynamics,
productivity, and morale. This article will explore the costs of turnover, the reasons behind employee departures and effective retention strategies. The Real Cost of Turnover Turnover’s financial burden extends beyond visible recruitment and onboarding expenses. Direct costs, including advertising roles, agency fees, and training programs, are compounded by indirect losses such as diminished productivity during vacancy periods and the institutional knowledge departing employees take with them. According to the Express Employment Professionals-Harris Poll survey, 33% of U.S. hiring managers expect an increase in Remaining employees often experience burnout from increased stress, leading to “turnover contagion,”
where departures accelerate further.
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ISSUE 12 GLOBAL PAYROLL MAGAZINE
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