MRM EXCLUSIVE: Turning the Tide on High Turnover

Certain industries come with inherent turnover challenges and associated costs—take the hospitality industry as an example. Despite sincere efforts to keep employees excited and happy about coming to work, turnover in the hospitality industry is at an all-time high—a whopping 70 percent on average, with turnover in the banking, retail, healthcare, customer service, transportation, and advertising industries not far behind.

Turnover not only has adverse effects on company morale and the overall culture, but it's also extremely costly, ranging from 25 percent to 250 percent of the annual salary per exiting employee. With so many places to start, from employee engagement programs, which remain ambiguous at best for many companies, to perks and spiffs, it’s easy to get overwhelmed and throw money and time at the problem without realizing real results. But believe it or not, you can actually make a big impact on the bottom-line with the right focus and program in place.

Lack of…