$5,500…That is the staggering average annual cost for a business owner to replace an employee making just $8 per hour. For a senior level employee it is 400% more than their annual salary.
Employees are incredibly important to small business owners and entrepreneurs. Here are some facts from the infographic:
- # 1: Career advancement/promotion opportunities at 32%.
- #2: Pay /benefits at 22%
- Last is job security at 2% — check out the graphic to see the whole list
- 57% of employees do not feel they receive adequate non-monetary rewards or recognition for their hard work
- Owners have had a small reprieve when it comes to turnover as unemployment has risen turnover has been on the decline