What is the cost of replacing an employee?

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What is the cost of replacing an employee?

According to Gallup, the cost of replacing an employee can range from one-half to two times the employee’s annual salary. Payactiv agrees with them, citing how replacing an employee can range from one-half to twice their annual salary. If you were to ask the financial wellness platform Enrich for its opinion, they would tell you on average, it costs a company 6 to 9 months of an employee’s salary to replace him or her. For an employee making $60,000 per year, that comes out to $30,000 – $45,000 in recruiting and training costs. Ouch! The cost of losing an employee can cost thousands of dollars. Before a company considers a round of layoffs, they should do themselves a favor and listen to this classic blues song by Johnnie Taylor. 

And now, this week’s comic, featuring Raegan Hill. Enjoy!

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TNK YOU!

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