By now, you have probably heard talk of “The Great Resignation,” no matter what your profession or industry. According to the U.S. Bureau of Labor Statistics, in August 2021 alone, a record high of 4.3 million employees voluntarily quit their jobs. Meanwhile, the number of job openings reported in August 2021 stands at 10.4 million.1 It is widely known that turnover is costly. In fact, the cost of replacing a midlevel employee is roughly 150% of their salary and it can run up to 400% of salary to replace a highly skilled employee.
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