It is well established that the largest cost factors in the life of an office building are the salaries of its occupants. These costs also include the great expense of replacing employees that leave for whatever reason – one of which could be due to the workplace itself, especially if it is not conducive to a positive, productive organisational culture.
High staff turnover is one of the highest costs to a business. In 2012, an Insync Retention review found that the average staff turnover rate of 18 per cent costs organisations with 100 employees around $1 million every year, and that employers can save around $280,000 per year for every 100 staff they employ by reducing their turnover by just five per cent. But how much of this staff turnover may be due to the work environment?
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