Losing an employee costs a lot.
There are direct costs, such as payouts for accrued vacation time and severance pay. There are also indirect costs like the cost to recruit, hire, and train a new employee. Then there are the intangibles, the loss of institutional knowledge, decreased productivity, and overall lower morale for those left behind.
Understanding the true cost of employee turnover will help you to understand the value in keeping your staff engaged, motivated, and well trained.