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How the best measure success
Good companies measure their employee turnover, but great companies always measure their new employee retention rate and look for ways to mitigate the risk of someone leaving during their first year.
Here's why...
They recognise that the lowest ROI occurs within that first 12-month period and understand the true cost of a bad hire is approximately 3.5 x salary. This means that a £100k hire who leaves before their first anniversary can cost the business over £350k, and that's terrible for their bottom line.