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We all know it’s expensive to replace an employee. A recent SHRM report stated that hiring, onboarding and training a new employee comes to about 50%-60% of the departing employee’s salary. But, when it comes to overall losses—such as lost relationships, institutional knowledge and specialized expertise—the costs actually could range from 90%-200% of the employee’s salary.
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It’s long been HR’s job to help retain valuable talent across the workforce and minimize replacement costs. But now, some HR organizations are dealing with their own retention issues in a critical area: HRIT. Our most recent report, The Business of
