What Is The Real Cost Of Employee Turnover
What Is the Real Cost Of Employee Turnover
The employee turnover rate and the retention of skilled employees is a major problem businesses face. "Conservative estimates put the cost of replacing a lost employee at 25 percent of the annual compensation amount. For the typical full time employee who earns $38,481 and receives $50,025 in total compensation, the total cost of turnover would amount to $12,506 per employee." This being the case employee turnover is a major cost and can significantly influence the bottom line so it should be avoided if possible. (Bliss)
"Employee turnover is a critical cost driver for American business. The cost of recruiting and filling vacancies, lost productivity from vacant jobs, and the costs of training new employees increase operating costs, reduce output, and cut into profits." (Orville 5-7)
Estimates of the costs of employee turnover vary widely and depend on whether all cost elements are recognized. The three primary......
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