It is interesting that for all the charts and graphs displayed at meetings that you have attended t hat never once have you ever seen a graph of the true and major cost of “employee turnover”.
Employee Retention: What Employee Turnover Really Costs Your Company
It’s one of the largest costs in all different types of organizations, yet it’s also one of the most unknown costs. It’s employee turnover.
Employee Turnover is Detrimental to Profitability
A telecommunications company recently calculated the cost in replacing an operator. After considering the exit interview, administrative activities, replacement and training costs of education, and coaching, the cost exceeded $6K. In addition, there were indirect costs associated with employee turnover including increased workloads and strains as coworkers pick up the slack until new employees are hired and trained.