Globally, companies are facing a shortage of talent. It is getting increasingly challenging for organizations to retain talent. There’s a marked increase in the number of workers quitting their job. As much as 40% of employees quit their job every year, compelling talent managers look for new ways to recruit and develop talent.
On average, an employee quitting a job costs a company between 50- 150% of the employee annual salary. Eventually, this could increase to 400% according to a PwC report. To curb this problem, companies can employ learning and development programs. These programs have proven effective to curb employee attrition.
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