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Employee turnover vs. retention — which one costs you more?

from By Harry J. Friedman

From Jan. 29: Almost every retail business owner knows employee turnover is a fact of life, as it is in most any kind of business. It's just multiplied by about 10 zillion in retail. The number of employees leaving their jobs may have dropped during the recent recession, but turnover is already starting to increase again as the economy heals. The typical view on employee turnover is that it's costly in terms of the time and money to find and train someone new. Another important consideration that's often overlooked is the cost in terms of customer loyalty. more

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