What is Turnover?
Turnover is the attrition of employees through voluntary or involuntary terminations. Turnover results in costs to the employer from lost productivity, job advertising costs, training new employees, etc
What are the costs of Turnover?
The costs can be categorized as below:
- Separation of Employee
- Loss of Productivity
- Cost to find a replacement
- Training of New Employee
From The Center for Economic and Policy Research (CEPR) (https://cepr.net/calculators/turnover_calc.html)
The following worksheet will help you calculate the cost of employee turnover for your company. Knowing the cost of losing and then replacing an employee will help you determine how much you can afford to invest in keeping them. It will also help you analyze whether your investment in keeping your employees is adding to your bottom line.
Free Online Turnover Calculators
Employee Turnover Cost Calculator
)From Calculator Pro
How to Calculate (And Reduce) Employee Turnover Rate
Monetary and hidden costs associated with employee turnover.
HR Metrics Calculator
From HR.BLR.comHR Metrics Calculator
from The Employers Association