It costs a lot of money to replace an employee. In fact, depending on job level and industry it can cost over 30% of an employee’s annual salary to replace them. That number climbs exponentially for highly educated executive level positions and that’s just the monetary costs! Losing a new hire reflects poorly on a company’s Quality of Hire metrics and sends a ripple effect through the recruitment, hiring and management practices of the company. Let’s not forget the impact it has on employee engagement and morale.
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