These days, employee turnover is caused by the same ingredients it has been caused by for decades. Unfortunately, the answer isn’t very simple – or, rather, it isn’t very simple to address.īut is that because the times they are a-changing? No. If there were a single, easy answer to the question of “what causes employee turnover”, then we’d have already told you in the first paragraph of this article. But there’s a lot more at stake than just your cold hard capital. Many companies have! BrightHR estimates that the average cost of replacing an employee is around £30,000.
So, sure – you can try to put a price sticker on turnover. Then, you’ve got the interruptions to your service, which have a domino effect on customer satisfaction – another deeply embedded cost right there.Īnd what about the negative impact this has on your company culture, too? When an employee leaves – no matter how amicably – it sends a message to the rest of your staff: Something out there was better than being in here. There are knock-on effects that are really hard to price up.įor example, how do you put a price tag on the institutional knowledge somebody has taken away with them? You learn far more than just your job when you spend time with a company. But there’s more to it than just the outright expenses you incur. – Lost productivity getting them up to speedĪnd that list goes on. – On-boarding and training the new starter And while that may sound extreme, it’s pretty believable once you break it down into chunks.įor example, try to put a dollar amount on these items: According to SHRM (Society for Human Resource Management), the cost of losing an employee can be up to double that employee’s annual salary – depending on the type of role and their level of experience, of course.
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