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Did you know that employee retention can help reduce cost? Research suggests that direct replacement costs can reach as high as 50-60% of employee’s annual salary, with total costs associated with turnover ranging from 90% to 200% of annual salary.
It becomes quite crucial for companies to retain their employees as cost cutting at all levels to save every penny is the need of the hour. Hiring new talents involves recruitment and training cost plus loss of talent and organizational knowledge. You can save your precious time and energy in retaining employees rather than hiring new.