How are High Turnover Rates Impacting Companies
Employee turnover has a direct impact on the revenue and profitability of a company. According to the magazine “Organization Science,” the cost of a lost employee earning $8 per hour at a retail chain shop ranges from $3,500 to $25,000. Hiring costs, worker training, lost revenue, and productivity are all factors that contribute to this. Depending on the sector, employee position, and compensation, the revenue impact can be considerably more significant.
If a severance package is paid, it is a non-return on investment expense. Consider the labor costs associated with putting classified ads, assessing applicants, interviewing, and training management personnel. Even if some businesses use a job-placement agency, it is still a cost. Additional costs are incurred due to reduced productivity or a dwindling consumer base.
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Last Update : Sep 20, 2022 3:46 AM
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