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PDF Retaining great employees is key for business success
For small businesses, employee retention is a crucial concern. The costs associated with the replacement and training of new employees, depending on the importance of the position, can be the equivalent of six months’ salary (for an employee easy to replace and train) and up to the equivalent of two years’ salary (for an administrative employee such as manager/executive or one with very specialized skills). Therefore, a high turnover rate can slow down the economic growth of the business and cause it to lose its competitive advantage.