Cost of Turnover
Employee turnover can be costly for businesses, with the cost of replacing an employee ranging from 10-30% of their annual salary. The process of transitioning employees, finding and hiring new ones, and onboarding them can be time-consuming and costly, impacting productivity and the quality of products and services. An adequately resourced HR department can help by focusing on employee retention and engagement strategies that decrease turnover, build stronger, more productive teams, improve the quality of your business, and drive bottom-line results.
Reduce Turnover Costs
Enter your information
What data is needed to accurately calculate cost of employee turnover?
- Daily rate of departed employee's salary plus benefits
- Number of days the position will remain open before you can fill it
- Daily rate of manager's salary who is responsible for recruiting and screening applicants
- Estimated cost of advertising for the open position
- Estimated hours spent on screening resumes
- Estimated hours spent interviewing, including phone screens and think of all people involved
- Cost to conduct background check
- Daily rate of hiring manager or trainer's annual salary
- Total days hiring manager or trainer will spend with new employee
- Number of working days in the new hire's first 3 months (the onboarding and ramp-up period)
Projected savings with PuzzleHR
*Projected Annual Savings with PuzzleHR. Your results may vary.
Want to learn how PuzzleHR can lower your turnover cost? Fill out the information below to find out more!