High turnover rates can significantly disrupt business operations, leading to increased recruitment and training costs, loss of institutional knowledge, and decreased productivity. The constant need to fill vacant positions can divert resources away from core business activities, impacting overall profitability.

Risk management is crucial for the long-term success and sustainability of a company. It involves identifying, assessing, and mitigating potential risks and uncertainties that could impact your organization’s objectives. Here are some key reasons why risk management is important within a company.