The Bureau of National Affairs estimates that US businesses lose $11 billion annually due to employee turnover. Between the cost of vacancy, the cost of hiring, and the cost of onboarding, even entry-level employees can cost up to 50% of annual salary to replace. For executives that cost quickly grows to 400% or more. These tools will help you retain your best staff.
Identify turnover risk so you understand where best to focus your efforts.
This structured conversation you have with existing employees helps you understand why employees stay and what might cause them to leave.
Calculate the full cost of replacing one of your employees so you understand if retention raises make sense.
If you’ve lost somebody, leaving that position unfilled has real costs for the business. Calculate that cost so you understand how to prioritize replacement efforts.