Turnover remains one of the highest costs of labor, as expressed by employers in the Joplin area as well as nationwide. Numerous national associations estimate turnover costs at 50-75% of an employee’s annual salary.
According to social think tank FSG, such losses are expected to climb as turnover rises across industries from healthcare to banking. While many companies accept high entry-level turnover as a cost of doing business, some companies are changing that reality by investing in the retention and advancement of their entry-level talent. Their investments not only improve business outcomes but also provide new options for individuals who face barriers to economic opportunity.
Investing in Entry-Level Talent: Retention Strategies that Work highlights 4 evidence-based strategies for effective retention and advancement, backed by 14 practical suggestions for implementation as exhibited by companies like The Container Store, Verizon Wireless, Gap Inc., Wegmans Food Markets, and many others. To learn more, visit fsg.org/publications/investing-entry-level-talent.
This research was funded by Walmart for the benefit of nonprofits, workforce organizations, and employers. It will inform our Impact Hiring Initiative, a learning community for those interested in innovating and driving best practices in hiring, retention, and advancement of opportunity youth and other populations facing barriers to employment.