Making Entry-Level Talent Stick
Turnover is costly, particularly for small and medium-sized businesses, and employers often struggle to articulate the cost of turnover rates. In partnership with Seedco and The Rockefeller Foundation, Social Finance explored the real cost of turnover for employers. Their findings concluded that using a Pay for Success (PFS) strategy can help employers overcome the costs associated with high turnover rates. The paper describes how factors such as separation, recruiting and hiring, onboarding, and productivity play a role in improving retention. By allowing employers to buy better retention outcomes, the PFS strategy will save businesses money and increase overall productivity.
“Turnover among entry-level employees is driven by challenges outside of the workplace, such as transportation, child care, or housing. If employers could help to overcome those challenges, they could unlock value in their businesses by lowering turnover.”