Every company faces employee turnover at one point or another. But you might not recognize how much it costs your company every time an employee leaves. Between offboarding, filling the gap, hiring a replacement, and training them, you could be facing tens of thousands of dollars in employee turnover costs. And high costs in turnover mean fewer funds to help your business grow.
According to one study from Employee Benefit News, it costs 33% of an employee’s salary to hire their replacement. So, if an employee makes $45,000 per year, your company could face $15,000 or more in employee turnover costs. That’s money many businesses can’t afford to throw away.
Explore these four different areas associated with employee turnover, and learn how each one costs your company money.