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Cost of Churn = Real Impact on the Bottom Line
| Company A | Company B | Your Organization | |
|---|---|---|---|
| Employees | 1,500 | 5,000 | ? |
| Turn-over Rate | 24% | 28% | ? |
| Replacement Cost* | $15,000 ** | $15,000 ** | $15,000 ** |
| Annual Cost of Churn | $5,400,000 | $21,000,000 | ??? |
* Some literature suggests that replacing a leader costs 2-3 x their annual salary.
** Work Institute recommends a conservative estimate of 30% of salary as a replacement cost.
For simplicity, $15K/employee departure is used as the cost to replace staff
(to demonstrate potential impact of churn).
Has your organization calculated its cost of replacement?
The numbers add up fast! But they ARE real $s silently draining from your bottom line (and likely not even being noticed).
What could you achieve if you weren't wasting money on churn?
Or if you weren't using valuable resources to constantly replace and train new staff?
The only way to achieve your organization's goals is with healthy, engaged and resilient employees (who are no longer thinking about leaving).
We have designed solutions to address this problem efficiently and effectively.
The Return on Investment (ROI) is clear ... if only a few people - that were otherwise going to leave - stay, then you have made a smart investment.
The result? $$ no longer getting lost in a bloated HR budget – that can be used for other priorities (perhaps higher rates of pay to attract more talent?)
Learn how you can turn this challenge into a catalyst for growth and give your company a competitive edge in the war on talent!