The Real Cost of Employee Turnover

Did you know that:

  • Over 70% of all employees respond to competitors’ job offers during work hours?
  • Voluntary resignations are at the highest level in over 20 years?
  • Nearly 50% of all middle managers are either currently looking for another job or plan to do so?
  • Direct & Indirect Employee Turnover Costs. Which apply to your company?

Direct Costs:

Measurable impact on bottom line

  • Candidate Interviews (Multiple)
  • Candidate Screening
  • Candidate Testing
  • Employment Advertising
  • Employment Liability
  • Executive Search Fees
  • Exit Interviews
  • IT/Security Department Costs
  • Job Board Charges
  • Lost Training Expenses
  • New Hire Processing
  • New Hire Training
  • New Hire Orientation
  • Personnel Department Costs
  • Recruiter’s Salary
  • Recruiting Bonuses
  • Relocation Fees
  • Remaining Staff’s Overtime Pay
  • Separation Processing
  • Separation Pay

Indirect Costs:

Higher than Direct Costs but harder to quantify

  • Delay in Services/Production
  • Dissatisfied Customers
  • Employee Theft
  • Improper Use of Equipment
  • Inventory Anomalies
  • Job Errors
  • Lost Intellectual Capital
  • Lost Sales
  • Potentially Unrealized Sales
  • Reduced Billable Hours (From Declining Productivity)
  • Reduced Morale
  • Reduced Reputation

Cost of Lost Customers Due to:

  • Inexperienced Replacement Staff
  • Remaining Personnel are Overworked so they Underserve Clients causing them to go elsewhere to do business
  • Poaching by Departing Employees

Retensa can help you calculate your cost of turnover today. To talk to a retention expert, call us at (212) 545-1280 or email us here.