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While good companies track employee turnover, exceptional companies focus on new employee retention rates and actively seek ways to reduce the risk of turnover within the first year.
Here’s why this matters:
They understand that the lowest return on investment (ROI) occurs during the initial 12 months of employment. The true cost of a bad hire can be as high as 3.5 times their salary. For instance, a £100,000 hire who leaves before their first anniversary can ultimately cost the business over £350,000, significantly impacting the bottom line.