Its one of the largest costs in all different types of organizations, yet its also one of the most unknown costs. Its employee turnover.
Companies routinely record and report costs such as wages and benefits, Workmans Compensation Insurance, utilities, materials, and space, yet most companies have no and report the cost of employee turnover. It can be much higher than you think.
How Much is it Costing You?
Several well-regarded studies have recently estimated the cost of losing an employee:
SHRM, the Society for Human Resource Management, estimated that it costs $3,500.00 to replace one $8.00 per hour employee when all costs — recruiting, interviewing, hiring, training, reduced productivity, et cetera, were considered. SHRMs estimate was the lowest of 17 nationally respected companies who calculate this cost!
Other sources provide these estimates: It costs you 30-50% of the annual salary of entry-level employees, 150% of middle level employees, and up to 400% for specialized, high level employees!
Do a quick calculation: Think of a job in your organization where there has been some turnover, perhaps supervisors. Estimate their...
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