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Knowledge Your Central Repository for the Latest Legal News, Legal Briefings and Updates.

Day: November 22, 2023

Business Tips

How to Reduce Employee Turnover In Your Business

Are you struggling with high turnover in your business?

It’s a problem that impacts a lot of business… and it’s a costly problem at that as well!

According to some studies, the cost of replacing an individual employee can range from half to twice the employee’s annual salary. For C-level positions, the cost can go up to 213% of their yearly salary.  

Indirect costs, which are due to the impact on productivity and morale, account for two-thirds of the total cost of retention. These statistics highlight the importance of effective employee retention strategies. 

So how do you reduce the chances of employee turnover in your business? 

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About 20% of small businesses in Canada fail within their very first year. But it doesn’t have to be that way if you have the right business and legal guidance.