The Cost of Turnover
Employee turnover, also known as attrition, is a critical metric that measures the rate at which employees leave a company over a specific period. It encompasses both voluntary departures (resignations or retirements) and involuntary departures (terminations or layoffs).
Turnover not only impacts workforce dynamics and recruitment efforts, but the cost can quickly be a financial drain on a company. We have created a basic calculator that is designed to provide you with valuable insights into the financial impact of attrition on your bottom line.
High employee attrition is not just a personnel challenge; it's a significant financial burden for businesses. The costs associated with recruiting, onboarding, and training new employees can quickly escalate, draining resources that could be better invested in growth and innovation. Moreover, the indirect costs, such as lost productivity, disrupted team dynamics, and the strain on existing employees, contribute to a cumulative expense that goes beyond the line items of recruitment budgets. The ability to quantify the true financial impact of attrition will empower your organization to make informed decisions for a more sustainable future.