While the rate at which people are leaving for greener pastures at all levels from organisations across the world are cause of concern and worry to many, most people don’t have clarity or clue to how to calculate the cost of employee turnover to their organisations. In fact for those who have left, it does not matter, and for those who remain, it does concern them. Especially for those who have stayed put in high employee turnover organisations, a number of questions do rise in their minds. Should i continue? Is it worth it? What are the consequences of my quitting and joining elsewhere? Does the senior leadership of my company understand why people are leaving, and if yes, what do they intend to do, if at all? For many, the vacuum left behind by those who left, is difficult to replace or fill in and this puts enormous pressure on those who have stayed. While they may not know how to put a cost to the high employee turnover, they do understand that it is very high.
While all of us to understand that the cost of retaining is much less than the cost of hiring a new recruit, we were unable to place a number to this activity.
I am happy to share an article that I read yesterday that gives you an insight into the ways and means of calculating the cost of employee turnover.
Click on the Link. Happy reading….