Find Your Cost of Turnover
COST OF EMPLOYEE TURNOVER
How much does employee turnover cost my organization?
Most leaders are familiar with the “Direct Costs” to replace an employee. Interviewing, new hire processing, training, benefits, are a few of the easily identifiable hiring costs that quickly add up. They are the measurable time and expenses related to employee separation.
What some don’t realize is that Direct Costs amount to only about one-third of the TOTAL cost of employee turnover. Any good Employee Turnover Cost calculation captures the typical turnover variables and precisely calculates BOTH “Direct” and “Indirect Cost” of turnover.
No one writes a check to ‘turnover’, but they pay it in 100 small ways every day.
Retensa’s Cost of Turnover Analysis segments the Indirect Costs of turnover. This includes lost productivity, performance differences, and losses and gains from unfilled jobs. We use an employer’s specific information (not estimates) to deliver the most accurate assessment available. Retensa built an industry-calibrated turnover model that is customizable to an employer’s real-world operation.
With an advanced Cost of Turnover analysis, you can compare locations, positions, levels, divisions and even business units. Retensa invested 25 years of research and 10,000 hours to build the most precise and effective turnover model available today. That’s why it delivers such comprehensive insights.
The result is a series of bottom-line metrics and costs which serve as indisputable benchmarks of employee retention value, and turnover’s cost to you and your management team.
How do I calculate employee turnover cost at my organization?
If you want to know how much money your organization loses because of employee turnover, an Advanced Cost of Turnover analysis from Retensa delivers costs to the penny.
What you receive:
- Detailed examination of all the costs that result from employee attrition
- Extensive summary of all metrics associated with employee turnover cost, including Turnover Cost per Employee, Turnover Cost per Location, Turnover Cost per Department, Turnover Cost per Position, etc.
- Benchmarks for comparison across industry
- Easy-to-understand LIVE 60-minute session and presentation with Retention experts, and a full explanation of insights
- Robust set of additional HR metrics including:
- Cost Per Hire
- Recruiting Efficiency Ratio
- Accession Rate
- Turnover Rate
- Replacement Rate
- Stability Rate
- Veterans Rate
- External Cost per Hire
- Experience Loss
- Direct Cost of Turnover: Job board/posting fees, candidate screening and hiring process time, training and orientation of new hires and many more.
- Indirect Cost of Turnover: Job errors, dissatisfied customers, lost sales, reputation of workplace, and more.
To present an executive-level visual comparison of your cost of employee turnover, you want graphs and charts developed directly from, your organization’s data. This quickly illustrates trends in the total Cost of Turnover and differences in key HR metrics over time. You can even include historical data to see turnover cost trends from the previous 36 months.
Want a Turnover Reduction Pricing to Jump Start Your Retention Strategy?
You can expedite results and get your Advanced Cost of Turnover report in just 10 days.
FAQS
How do I get a FREE Basic Cost of Turnover Calculation from Retensa?
Retensa’s Basic Cost of turnover Calculation expands from most standard Cost of Turnover calculators to calculate both direct and indirect cost of turnover. The Basic Cost of Turnover Analysis segments indirect costs of turnover, such as lost productivity, performance differences, and losses and gains from unfilled jobs. We use your organization’s specific industry (not estimates) to deliver the most accurate assessment available. This turnover model is customizable to your unique workforce. You can compare locations, positions, even business units.
What Information Do I Need for this Session?
Who Should Participate in the Session?
Talent management professionals who are responsible for making (or influencing) decisions about workforce strategy to take advantage of this session.
Will My Information Be Kept Confidential?
Yes. As the leader in employee retention strategies, Retensa works with some of the world’s leading employers. We maintain stringent guidelines to protect all information, please refer to our GDPR and CCPA-compliant Privacy Policy for details on how we protect information.
