The Cost of Employee Turnover
This article consists of a comprehensive checklist of items to include when calculating the cost of employee turnover in any organization. To determine the expense, have the hourly and weekly fully loaded payroll costs (i.e. salary plus benefits) of the departing employee, as well as that of the management staff, recruitment personnel, and others as mentioned below.
It should be noted that the costs of time and lost productivity are no less important or real than the costs associated with paying cash to vendors for services such as advertising or temporary staff. These are all very real for the employer.
You may be surprised to learn that the calculations can easily reach 150% of the employee's annual compensation figure. The cost will be significantly higher (200% to 250% of annual
compensation) for managerial and sales positions.
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