There are three things that should matter most to hiring professionals right now — retention, retention, retention.

A cost-of-living crisis coupled with a herky-jerky economy in which resignations far outnumber workforce reductions is causing a surge in employee turnover. And that’s bad for a variety of reasons: Productivity declines, morale suffers, and attracting star candidates can become increasingly difficult.

But mostly turnover is expensive. It’s estimated that the price tag for employee churn runs between 90% and 200% of a worker’s total salary. Some of those costs are hidden — that is, they don’t appear in a company’s profit and loss statement — but when you factor in recruiting and training expenses and the loss of experienced staff, it’s clear that too much turnover can negatively impact your business.

Attitudes about employee retention can vary depending on the industry and the whims of the job market. But the first step to truly understanding its importance is to dispel some of the myths that surround it. Here are five common misconceptions about employee retention.

1. Hiring has nothing to do with retention

It’s tempting to think of employee attrition as solely a managerial problem — you know the old adage, “people don’t quit jobs, they quit managers” — but the truth is recruiters have a profound influence over whether or not someone sticks with a job. After all, they’re usually the first point of contact. A positive hiring experience, from outreach to onboarding, can work wonders for a candidate’s perception of a company, while a negative one could have them hitting the eject button before the ink dries on their offer letter.

According to research by the Human Capital Institute, 20% of new hires resign within the first 45 days. One of the top reasons: “unmet expectations created during the recruitment phase.” And the quick-to-quit aren’t just leaving a hole in the org chart; their actions can cause team members to feel confused and dejected and leave them wondering whether the grass really is greener someplace else.

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Source: , Nino Padova, 19 avril 2023