What are the costs associated with employee turnover?

What are the costs associated with employee turnover?

Employee turnover can be costly for businesses. It includes direct costs like recruitment and training, as well as indirect costs such as lost productivity and decreased morale.

Can you break down the direct costs for me?

Sure! Direct costs typically include expenses for advertising the job, recruiting, interviewing, hiring, and training the new employee.

What about the indirect costs?

Indirect costs can include the impact on team dynamics, loss of institutional knowledge, and the time existing employees spend onboarding the new hire.

How can companies reduce turnover costs?

Companies can reduce turnover costs by improving employee engagement, offering competitive salaries, and providing opportunities for career development.