Employee turnover is too expensive for entrepreneurs to ignore.

What small business leader has $15,000 to spare every time an employee disappears? How many have 10 hours to spend on new hire paperwork? Worse, how many can afford to wait up to two years for a new hire to reach full productivity? Turnover happens for plenty of reasons, some of them unavoidable. The truth, though, is that around 50 percent of voluntary turnover is preventable, according to research by Insightlink. Our company, Ontraport, learned that the hard way.

A few years ago, my team lost three mid- and senior-level employees. I spent weeks wondering what more we could have done to retain them before the fourth employee on his way out finally spelled it out for me: As a working parent, he needed more support. Here in Santa Barbara, Calif., childcare costs an average of $1,250 per month, or around 20 percent of the average California household’s income.

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