The Effectiveness of Exit Interviews in Reducing Employee Turnover
The prices of employee turnover demonstrate that it costs businesses about one-fifth of an employee’s salary to replace that worker. Indeed, it's expensive to replace employees because of the productivity losses once somebody leaves employment, the prices of hiring and training a new worker, and the slower productivity till the new employee gets up to speed in their new job (Boushey & Glynn, 2012). In keeping with the United States Bureau of Labor Statistics, (2014) the annual employee turnover rate for all areas of business in 2014 was around 43%. The most talented and the productive workers are considered the stars that drive the success of any organization and the failure to retain the same, in the smaller organizations even can collapse/run when losing thousands of dollars, a year within the form of knowledge and experience. United States Bureau of Labor Statistics, (2014) further explains that in the case of huge organizations, the price is even steeper costing millions