How to Calculate Cost of Employee Turnover
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Our research shows that the cost of a bad hire can be as much as three times the position’s base salary. Research also shows that people fail in a position for different reasons from the criteria used to select them. Employee turnover can cost companies millions of dollars and countless hours that would be more impactful in other business areas.
Effect One: The Hard Costs of Hiring and Onboarding Employees
Effect Two: Impact of Employee Turnover on Organizational Performance
Effect Three: Cultural and Morale Impact of Losing Talent Employees