High turnover is more than just an HR headache—it’s a silent assassin draining your company’s resources and hindering your growth. While the obvious costs of recruiting and training new hires are easy to spot, hidden expenses lurk beneath the surface, silently eroding your profits.
The Iceberg Effect: What You See vs. What You Don’t
When an employee walks out the door, you see the immediate costs: advertising the open position, screening resumes, interviewing candidates, and onboarding the new hire.
But these are just the tip of the iceberg. Below the surface lies a sea of hidden costs that can sink your bottom line:
The Real Cost of Turnover: The Numbers Don’t Lie
According to Gallup, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary. For a company with 100 employees and a 20% turnover rate, that translates to an annual loss of $[calculate cost based on average salary] or more!
Want to calculate your turnover costs?
Turning the Tide: Employee Referrals as Your Secret Weapon
So, what’s the solution to this costly problem?
Enter WorkTaps’ employee referrals.
Referred employees are:
WorkTaps: Your Employee Referral Engine
WorkTaps is an employee referral platform designed to make it easy for your team to refer qualified candidates. Our platform streamlines the referral process, provides incentives for participation, and tracks referrals from start to finish.
With WorkTaps, you can:
High turnover is a costly problem, but it doesn’t have to be your reality. By leveraging the power of employee referrals with WorkTaps, you can build a stronger, more stable workforce, reduce costs, and achieve your business goals.