I took the core constructs from Bridges Out of Poverty and reframed them for the business sector. So really what we’re doing with this is discussing how instability is a form of diversity based on economic class and what a business can do to get higher retention and productivity from those in their workplace coming from daily instability…
The Society for Human Resource Management says it costs $3,500 when you lose an employee who is entry level. There was another survey that said it was 75% of the annual income of that employee. And in 2012 there was some research with 500 HR professionals that said it was $11,000 per entry-level employee when you took into effect the hard and the soft cost of that employee. Everything from the productivity to the hiring process and the drug testing. So one thing that we do with business is to work through the cost of the turnover so we can actually see what’s walking out the door with that employee.
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Ruth Weirich has provided insight into the overall corporate strategies of divisions and companies for 30 years. Learn more about Ruth.