Cost Of Employee Turnover
Cost Of Employee Turnover
This article provides estimates of turnover costs for various groups of employees, and details the various factors that influence the total turnover figure.
Employee turnover is far more expensive than most people realise.
In the worst case scenarios the loss of a single individual can put at risk a major project, with implications for the long term viability of the company.
Many firms are underestimating the total cost of employee turnover by simply considering the more visible costs, such as the cost of finding a replacement, while ignoring many of the negative consequences of turnover and their associated costs.
Calculating The Cost Of Turnover
There are two types of costs of involved in employee turnover: visible costs and invisible costs.
Visible costs:
Exit costs
Recruitment costs
Induction/orientation costs
Training costs
Looking at some of these in more detail: Recruitment costs include the cost of advertising,......
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Approximate Word Count: 860
Approximate Pages: 4 (250 words per double-spaced page)
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