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Employee turnover is the process of replacing one worker with another for any reason. A turnover rate is the percentage of employees that a company must replace within a given time period. This rate is a concern to most companies because employee turnover can be a costly expense, especially for lower-paying jobs, which typically have the highest turnover rates.
The cost of turnover ranges from $3,000 to $25,000 for an employee earning $8 per hour, according to a 2007 research compilation from Sasha Corporation. The ability to retain employees blossoms into achieving greater customer satisfaction and results in higher corporate profits, a conclusion from Bassiâs studies.