Chapter 10: Retaining Staff - A Key to Success
It is estimated that about 75% of turnover is the result of a lack of motivation or
interest. A business owner cannot afford to have high turnover. A study by the Coca-
Cola Retailing Research Council found that an employee making $7 per hour cost
approximately $4,000 to replace.
You should establish a reward system for your employees. If your business achieves
certain levels, then your employees will benefit. You must also tie the reward system
into their individual contribution. This can be accomplished by conducting performance
appraisals. The performance appraisals should be as objective as possible with some
subjective aspects.Chapter Summaries
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