Employee Turnover Has High Costs for Small Businesses
Research shows turnover rates would decline if minimum wage increased
For the more than 6 million small businesses nationwide, employee turnover can be a brutal expense.
In fact, nearly 1 in 3 (32 percent) employees will no longer be at their current employer one year from now. For a team of 20, where each person earns $50,000, that turnover rate can cost a business more than $100,000 a year. That's why reducing turnover is essential for keeping costs down as it relates to hiring, onboarding and training employees.
In a recent analysis of why employees leave small businesses, the research team at payroll, HR and benefits company Gusto found a strong correlation between hourly wage thresholds and the rate of turnover.
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