In fact, a study conducted by the American Psychological Association (APA) cites money as the biggest cause of stress. With the mounting pressures of everyday personal finances, it’s no surprise why better paying jobs can seem more attractive. While many factors contribute to turnover, competitive pay and benefits can be the difference when it comes to retaining skilled talent." "Managers should regularly benchmark salaries against those of other companies in their region and industry to ensure they are at or above market standards. "The stronger hiring climate today means employees who don't feel well compensated may be more willing to look for a new, better-paying job," said Robert Half senior executive director Paul McDonald. Whatever the reason, it has been well documented that employee turnover is costly and disruptive.Īccording to Robert Half, an American human resource consulting firm, 38% of employees leave their jobs as a result of “inadequate salary and benefits.” 1
Sometimes it’s their choice and other times they follow a spouse who's been transferred to another state. Some employees find better paying jobs while others go back to school. For an employee making $60,000 per year, that comes out to $30,000 - $45,000 in recruiting and training costs.Įmployees leave organizations for a multitude of reasons. The Society for Human Resource Management (SHRM) reported that on average it costs a company 6 to 9 months of an employee's salary to replace him or her.
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