A high turnover rate can drastically impact the stability of an organization.
It leads to lower performance standards, financial losses, and decreased productivity.
The current global business environment is laden with challenges of extreme competition, economic instability, dwindling supply chain mechanics, and a mass exodus of employees.
In such tumultuous times, it is extremely difficult for small and medium enterprises (SMEs) to remain afloat without the support of their employees.
But with limited resources and a tight labor market, it can be challenging to hire and retain the best talent. With 95% of the workforce looking to change their jobs, what can SMEs do to retain their trusted and potential employees?
The grueling question is: can SME leaders turn the tide of employee turnover in their favor?
This paper takes an empirical approach to the various forces changing the global workplace