5/7/14 9:35 AM Rebecca Whittenberger

female employee with questions and employee turnover Employee turnover costs money. A lot of money. Money that you can’t afford to lose.

Just how much money are we talking about? To find out, check out our free, 20-page eBook, and learn how to improve employee retention with these best practice tips.

 Employee Turnover Costs More than You Think Free Download

 

 

Here's a sneak peak of what's inside:

Employee turnover costs money. A lot of money. Money that you can’t afford to lose. Just how much money are we talking about? Check out these statistics:

  • Some studies predict that every time a company replaces a salaried employee, it costs 6 to 9 months’ salary on average. For a manager making $40,000 a year, that’s $20,000 to $30,000 in recruiting and training expenses.
  • But others predict the cost is even more and that losing a salaried employee can cost as much as 2x their annual salary, especially for a high earner or executive-level employee.

These large numbers make sense when you break down the actual total costs of losing an employee. These costs include the following:

  • Customer service and errors: (given the assumption that new employees take longer and are often less adept at solving problems).
  • Training: Over 2-3 years you likely invest 10-20% of an employee’s salary or more in training.
  • Cultural impact: Whenever someone leaves, others take time to ask “why?”
  • Hiring a new person: Factor in the costs of advertising, interviewing, screening, hiring, etc.

For more information on what it really costs to lose a good employee (and how you can prevent this from happening), download the entire book!