'Hiring new talent is both costly and time-consuming. According to a 2012 survey of 500 human resources professionals, the average cost to fill a position is nearly $11,000, and it generally takes new employees eight months to become fully productive.
But wait, it gets worse: Companies typically lose 23 percent of new employees during their first year on the job. So the time and effort managers spend to hire and train new talent is often wasted. Think of all the resources you could save if you simply worked harder to retain existing staff.'