Turnover’s impact on the P&L is huge – wasted wages, negative customer impact, lost profit opportunities, pre-separation costs, separation, vacancy, replacement, and training and learning curve costs.
Putting numbers on these issues takes some thought and realistic estimates. Some costs are easy to identify like a job posting fee, while others like paying full wages during times of low or no productivity, along with the loss of “budgeted” profits tied to that time, are approximate. But turnover’s negative financial impact is very real, and any reduction you achieve will help your business.
This calculator gives you a very close estimate on the cost of the turnover in your business, using data that is unique to you.
Click the image to enlarge.