*Figures below reflect employee with $40K annual salary*
$15K
Recruiting & Hiring
SHRM (Society for Human Resource Management) references the hard and soft costs of turnover. This is the hard costs category.
$20K
Onboarding & Training
Consider the annual salary of the employee(s) who will train and support the new hire. Then add time to regain lost productivity and knowledge from the former employee. You are likely looking at a minimum of 1 year.
$15K
Lost Productivity & Morale
(the team)
Gallup reports that disengaged employees can lead to a loss of 34% of their annual salary in productivity - these are your other workers covering during the turnover. If they earn $40K also, the loss begins at $13,600.
