The Institute for Retail Excellence estimates costs associated with separation, replacement, training, and lost opportunity is $9,428 per employee in retail.

Hourly employees make up 70% of the workforce. The most successful companies are keenly aware of their job requirements, know precisely the type of employee they are seeking, and invest in the tools to promote better fits between employees and their jobs. Yet many companies still focus their energies on traditional means -- finding individuals who are unemployed and available to work, rather than top performers who are already working but desire a better job.

Since 90% of a company’s best hourly employees could leave tomorrow and find a job making more money, decreasing turnover and increasing productivity are obvious cost savings resulting from better quality hires.

The Institute for Retail Excellence estimates costs associated with separation, replacement, training, and lost opportunity is $9,428 per employee in retail.