business people shaking hands (Photo: Shutterstock)

One trillion dollars. According to Gallup, that is how much employee turnover costs American businesses on an annual basis. The business owning client might want to know what this means at the ground level. According to this 2019 report, the cost of replacing a departing employee can be 2.5 times their annual salary. The problem is real. According to 2017 data from the Bureau of Labor Statistics, the turnover rate is 26.3%.  How can business owners be proactive?

Gallup is a data gathering organization. They do plenty of studies. In another study, referenced in 2021, Gallup found 43% of employees talked to others about their dissatisfaction and 36% were job hunting one or two months before they left.

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