Cost of Employee Turnover
Do you know the cost of employee turnover at your company? Most executives are familiar with the direct costs of replacing an employee. Interviewing, new hire processing, training, benefits, are only a few of the easily identifiable costs that quickly add up.
What many people don’t know is that those direct costs amount to only about one-third of the total cost of employee turnover. Retensa’s Turnover Audit expands on the standard cost of turnover calculator to precisely calculate both direct and indirect cost of turnover.
Our 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 company’s specific information (not estimates) to deliver the most accurate assessment available. Additionally, we built a turnover model that is industry-specific and customizable to your firm’s operation. You can compare locations, positions, even business units. It is so comprehensive because we spent over 2 years and 4800 hours to produce the most powerful and accurate turnover model ever created.
The result is a series of bottom-line driven metrics and costs which serve as indisputable benchmarks of employee retention issues important to you and your management team.
If you want or need to know how much your company is losing as a result of turnover, Retensa’s Turnover Audit team would be glad to help. Through our Turnover Audit, you will receive a detailed report and analysis on all the costs that result from turnovers. We will provide an extensive summary of all metrics associated with turnover and a cross sectional analysis and benchmarks that allow for comparisons across firms in the industry by providing both quantitative data and qualitative analysis. This is delivered in an easy-to-understand report summary with layers of graphical charts.
Sample of the metrics provided:
- 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
- Indirect Cost of Turnover
- Total Cost per person / per month / per year
To present an executive-level visual comparison of your cost of employee turnover, we provide graphs and charts developed directly from your firm’s data. This quickly illustrates trends in the total Cost of Turnover and differences in key HR metrics over time. You can even apply historical data to see organizational performance from the previous 36 months.
Are you interested in a Turnover Audit Pricing to Jump Start your Retention Strategy?
You can expedite results and get your report in just 10 days.
FAQS
Why Signup for a FREE Cost of Turnover Calculation from Retensa?
Retensa’s cost of turnover calculation expands on the standard Cost of Turnover calculator, to precisely calculate both direct and indirect cost of turnover. Our 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 company’s specific industry (not estimates) to deliver the most accurate assessment available. This turnover model that is customizable to your company’s unique workforce. You can compare locations, positions, even business units.
What Information Do I Need for This Session?
You will receive an email when you Book an Appointment with details on which key items to bring to the conversation
Who Should Participate in the Session?
We encourage all talent management professionals who are responsible for making or influencing decisions about workforce strategy to take advantage of this session.
How Do I Know That My Information Will Be Kept Confidential?
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 privacy policy for details.
Why Should I Trust This Calculation from Retensa?
Retensa is a leader and innovator of employee retention strategies, our retention experts help organizations in 59 countries and 21 languages improve employee engagement, reduce staff turnover up to 67%, and become an Employer of Choice. Retensa combines retention expertise and cloud software technology to attract, motivate, and retain the best employees.