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The Real Cost of a High Employee Turnover

IT IS ESTIMATED THAT STAFF IT TAKES UP TO 8 MONTHS FOR THE AVERAGE FEE FOR TURNOVER COSTS BRITISH A NEW EMPLOYEE TO REACH REPLACINGA TEAM MEMBER IS COMPANIES OVER £4B PER OPTIMUM PRODUCTIVITY £30,000** YEAR* LEVELS "BASED ON FIGURES FROM OXFORD ECONOMICS ** INIM AND INCOME PROTECTION AND INCOME PROTECTION PROVIDERS RECRUITERS INTERVIEWING COSTS: • Job Advertising • Agency Fees • New Employee Paperwork • Look Through Resumes • Conduct Formal Interviews • Time = Money OVERWORKED REMAINING STAFF NEGATIVE EMPLOYER IMAGE • Co-workers will pick up • A High Turnover Can the remaining work Often Mean a Poor Will they be Company Image • That you Aren't overstretched? THE REAL COST • Will their quality of work Rewarding Work OF A HIGH decrease? • Aren't Paying Well EMPLOYEE TURNOVER LOWERED PRODUCTIVITY Enough • Lots of Assumptions • Exisiting workers wont be able to get as much done as they are taking on EMPLOYEE LEAVING/FIRED • There Could Be Many more jobs Different Reasons For This • New employees wont be quick until fully trained LOST KNOWLEDGE • Contacts/numbers/emails • Passwords/Location of Information • Efficient Procedures • General Company Knowledge TRAINING COSTS • Paid Training Courses • Training from Other Members of Staff • Takes 8 Months to be fully trained

The Real Cost of a High Employee Turnover

shared by KarenJames on Nov 26
Do you know the real cost of your employee turnover? It could surprise you to know the amount your losing! Check out what is costing you and how to use effective employee performance management syste...


Ali Groves


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