- Lowered productivity
- Overworked remaining staff
- Lost knowledge
- Training costs
- Interviewing costs
- 64% of employees consider leaving their employers because they are unengaged (source)
- Investing just 1% of payroll on recognition results in a employee turnover rate 23% lower than companies without any recognition program (source)
Hiring a new employee can is not cheap. It can cost from 1.5x to 3x of their salary (source). Make sure to keep your employees around by keeping them happy, engaged, and recognized.