The high (and often hidden) costs of employee turnover
Abstract: Most businesses today are facing an unprecedented shortage of skilled labor, so it’s more important than ever to hang on to existing employees. Manufacturers have been hit particularly hard. One reason for this: When the COVID-19 pandemic caused most schools to shift to a remote model, enrollment in many vocational programs — where hands-on learning is essential — declined sharply. This article looks at the full cost to replace employees and the importance of having a stable workforce.