The Hidden Cost of Employee Turnover – And How Mortgage Literacy Can Help
Every year, Canadian businesses lose billions to employee turnover. On average, replacing an employee costs $30,674, and 15% of employers spend over $100,000 annually on turnover. For businesses in Victoria, BC, where the cost of living is high, employee retention is more crucial than ever.
Why Employees Leave
Housing affordability stress
Lack of financial stability
Better opportunities elsewhere
The Financial Toll of Employee Turnover
Beyond the direct costs of recruitment and training, turnover affects productivity, morale, and overall business stability. In a market like Victoria, high housing costs further impact employees' ability to stay with their current employer.
A Unique Solution: Mortgage Literacy for Employee Retention
MaxxMortgages’ Mortgage Literacy program helps employees navigate homeownership, reducing financial stress and increasing workplace satisfaction. Our workshops provide:
Free consultations on home financing and mortgage options
Education on government grants and first-time homebuyer programs
Assistance with mortgage documentation for seamless homeownership preparation
Boost Retention & Reduce Costs
By investing in employees’ financial well-being, companies experience:
Higher retention rates and reduced hiring costs
Improved employee morale and productivity
Stronger company loyalty and engagement