How much does employee turnover really cost? - Deepstash
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The problem with not measuring employee turnover

The first surgeon general’s report on smoking and health linked smoking to lung cancer and heart disease in 1964. Aaron Carroll: most people have no framework for Quantifying this cost, or they never even bother to try. He says a critical first step is to help people understand the cost of not quitting an addictive habit. Carroll: if you want to help people quit an addictive habit, you need to understand the cost of not quitting a habit. Aaron Carroll:

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Understanding the quantitative impact of employee churn

The cost of losing an employee can range from tens of thousands of dollars to 1.5–2.0X the employee’s annual salary. These costs include hiring, Onboarding, training, ramp time to peak productivity, the loss of engagement from others due to high turnover, higher business error rates, and general culture impacts. Retaining a sales person for three years instead of two, along with better Onboarding and management practices, yields a difference of $1.3 million in net value to the company over a three year period ..

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How to calculate your own cost of turnover

  • Cost of hiring
  • Cost of onboarding and training
  • Cost of learning and development
  • Cost of time with unfilled role

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Focus on growth, impact, and care

A few questions to ask yourself to check whether you’re on the right track or not:

  • Have you had conversation with your employees about their long-term personal goals? 
  • Do you give a capable person a shot or do you hire someone with more experience?
  • When people need to acquire new skills to advance their careers, what does your company do to help them? 

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Growth

Growth is fundamental to human happiness; the hedonic treadmill was built into all of us, and humans constantly seek growth and change.

The craving for growth is especially visible for the younger generation that is coming to dominate the workforce. Younger workers are more easily able to prioritize things like personal growth and career opportunity over income and job security

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Care

Feeling cared for and recognized addresses another basic human requirement; the need for human relationships and for others to acknowledge to us that we matter to them.

You need to build a culture where people respect and appreciate each other.

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Impact

Impact applies at two levels; the impact your company is having on the world, and the impact an individual is having on your company.

People want to know that what their company is working on matters. Articulating a clear and purposeful company mission is important not just because it help people prioritize their work, but because it helps them keep going through hard times and know they’re part of something that matters.

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