
Turnover Costs – Take a Closer Look
03/01/2018
Employees are companies most important asset. Replacing them can get expensive…fast!
Without truly examining turnover, it is easy to overlook intangible costs to turnover. It is much more than just hiring costs. Turnover costs include the following:
the cost of hiring (up to 20-40 hours for recruitment activities)
market rate changes in pay
onboarding
training
ramp time to peak productivity
the loss of engagement from other staff members fatigued from extra workload
loss of business