“As an example, if you are a 150 person company with 11% annual turnover, and you spend $25k on per person on hiring, $10k on each of turnover and development, and lose $50k of productivity opportunity cost on average when refilling a role, then your annual cost of turnover would be about $1.57 million.
Reducing this by just 20%, for example, would immediately yield over $300k in value. And that says nothing of the emotional headache and cultural drain felt from losing great people.”
You can try Lattice’s employee turnover calculator for yourself here, and read Jack’s article, “How much does employee turnover really cost?”, here.
Is this math giving you a sinking feeling in your stomach? Relax—after you’ve determined your turnover costs, Compli is here to help. Ask us about minimizing employee churn.