{"id":12567,"date":"2024-11-07T07:30:00","date_gmt":"2024-11-07T14:30:00","guid":{"rendered":"https:\/\/compt.io\/?p=12567"},"modified":"2025-10-22T09:02:36","modified_gmt":"2025-10-22T13:02:36","slug":"what-does-employee-turnover-truly-cost-and-10-steps-to-fixing-it","status":"publish","type":"post","link":"https:\/\/compt.io\/blog\/what-does-employee-turnover-truly-cost-and-10-steps-to-fixing-it\/","title":{"rendered":"What Does Employee Turnover (Truly) Cost? [And 10 Steps to Fixing It]"},"content":{"rendered":"\n<p>From a damaged employer brand to lowered company morale, the true cost of employee turnover is a lot higher than it may seem.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>There&#8217;s a well-known quote from Aristotle that I try to remember, even on the toughest days at work. <br><br>\u201cPleasure in the job puts perfection in the work.\u201d \u2015Aristotle, philosopher<\/p>\n<\/blockquote>\n<\/blockquote>\n\n\n\n<p>There is little debate around the importance of happy employees and the value they bring to your organization. <\/p>\n\n\n\n<p>But what do you do when your people aren\u2019t happy, and worse yet, leave? Andy Gauthier, the Founder of Mighty Startup, knows this well: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI was part of an interesting study years and years ago, and I just remember being astonished at the true cost of turnover in an organization.\u201d&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p>Today, we&#8217;ll examine the <strong>topic of employee turnover<\/strong> and share some surprising insights (hint: turnover can be good). Plus, we&#8217;ll provide practical advice on how HR and people teams can help address employee turnover cost without tripling their workload.&nbsp;<\/p>\n\n\n\n<p>Andy and I talk about this (and much more) on a more recent episode of \u2018Getting Personal,\u2019 our monthly podcast with people leaders who are doing what they can to make the workplace a little more human.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/Exploring-the-ROI-of-Employee-Experience-1.webp\" alt=\"\" class=\"wp-image-12568 lazyload\" style=\"width:558px;height:auto\"\/><noscript><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"480\" src=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/Exploring-the-ROI-of-Employee-Experience-1.webp\" alt=\"\" class=\"wp-image-12568 lazyload\" style=\"width:558px;height:auto\" srcset=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/Exploring-the-ROI-of-Employee-Experience-1.webp 800w, https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/Exploring-the-ROI-of-Employee-Experience-1-300x180.webp 300w, https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/Exploring-the-ROI-of-Employee-Experience-1-768x461.webp 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/noscript><\/figure>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link elementor-button wp-element-button\" href=\"https:\/\/compt.io\/podcast\/roi-of-employee-experience-andy-gauthier\/\">Listen now<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-is-employee-turnover-always-bad\">Is employee turnover always bad? <\/h2>\n\n\n\n<p>When it comes to employee turnover, most people immediately think something is wrong. While that <em>might<\/em> be the case, it\u2019s actually not <em>always<\/em> the case. <\/p>\n\n\n\n<p>It\u2019s important to understand the nuances here and figure out: Is your turnover a cause for concern or a cause for celebration? <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-employee-turnover\"><strong>What is employee turnover?<\/strong><\/h3>\n\n\n\n<p>Employee turnover refers to the number of workers who leave their positions in a company over a set period, such as monthly, quarterly, or annually. There are two categories: <strong>voluntary <\/strong>employee turnover and <strong>involuntary<\/strong> turnover.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Voluntary turnover refers to employees who willingly leave their positions, either by quitting, retiring, or resigning. Involuntary turnover rates refer to the number of employees who were asked to vacate their positions, either through firing, layoffs, or workforce reductions.<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-to-evaluate-when-employee-turnover-is-good-or-bad-for-business\"><strong>How to evaluate when employee turnover is good or bad for business:<\/strong><\/h3>\n\n\n\n<p>When evaluating employee turnover cost, Gauthier says to ask:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Is it <strong>planned turnover that we&#8217;re okay with<\/strong> because it falls within reasonable turnover rates?&nbsp;<\/li>\n\n\n\n<li>Is it <strong>good turnover because they weren&#8217;t a good fit<\/strong> or weren&#8217;t producing?&nbsp;<\/li>\n\n\n\n<li>Is it <strong>bad turnover because they were a star employee<\/strong> and we couldn&#8217;t provide a positive work environment with ample career development opportunities?&nbsp;<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c[You need to] constantly go back and review that information so you can continuously tweak things and get things dialed in terms of your employee engagement and job satisfaction.\u201d <\/p>\n<\/blockquote>\n\n\n\n<p>adds Gauthier.&nbsp;<\/p>\n\n\n\n<p>In a separate conversation, I gained a more nuanced perspective from Amy Spurling, CEO and Founder of Compt: <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAnother good question to ask is: \u2018Is employee retention always good?\u2019 The answer is no. For example, some people are a good fit when the company is in its early stages, and that\u2019s their sweet spot. But as the company evolves, they may want to move on elsewhere, and that\u2019s okay.\u201d&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p>Ultimately, the answer to this question depends on employer-employee alignment. Sometimes, as organizations undergo change, turnover is necessary to bring in a fresh perspective. Today, though, we\u2019ll focus on addressing voluntary turnover. <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/cost-of-turnover.png\" alt=\"employee turnover cost\" class=\"wp-image-12572 lazyload\"\/><noscript><img decoding=\"async\" src=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/cost-of-turnover.png\" alt=\"employee turnover cost\" class=\"wp-image-12572 lazyload\"\/><\/noscript><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bad-employee-turnover-costs-the-hidden-dangers-of-high-turnover\">&#8216;Bad&#8217; employee turnover costs: The hidden dangers of high turnover<\/h2>\n\n\n\n<p>While we already covered not all employee turnover is bad, the \u2018bad\u2019 turnover is likely more detrimental than you realize.<\/p>\n\n\n\n<p>While employee turnover puts financial pressure on companies, it also creates rifts in their employer brand and reputation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-as-more-employees-depart-an-organization-there-are-incremental-breakdowns-in-five-key-areas\">As more employees depart an organization, there are incremental breakdowns in five key areas: <\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Morale and company culture<\/strong><\/li>\n<\/ol>\n\n\n\n<p>According to <a href=\"https:\/\/assets.ctfassets.net\/lbgy40h4xfb7\/4bSlWfU8lg5cvr077P5GA5\/1f0fc190a46cf3f9cb402c0481ccf56c\/rep-TurnoverContagion.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">a 2023 survey<\/a>, when an employee decides to leave, other employees on the team are 9.1% more likely to leave within the next quarter if it\u2019s a larger team (21 to 29 members). For smaller teams (6 to 10 members), that figure jumps to 14.6%, meaning employee turnover can have a domino effect.<\/p>\n\n\n\n<p>Think about it: When a trusted member of your team or company leaves, your first thought as a fellow employee will be \u2018why\u2019? <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>As a people leader, you need to anticipate the \u2018why\u2019s\u2019 and take these moments as a chance to double down on why your current employees shouldn\u2019t be looking for the door as well.&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p>A high employee turnover rate can make other workers question their current culture as well as contribute to a negative and uninspiring work environment as they watch their teammates depart. Being open and honest about team changes is hard to do but critical, as it removes the veil of uncertainty and secrecy around an employee\u2019s departure. <\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Team capacity and productivity<\/strong><\/li>\n<\/ol>\n\n\n\n<p>The more employees leave an organization, the harder remaining team members have to work to maintain regular capacity, which can impact their ultimate output, satisfaction, and productivity over a long period of time.  <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>I\u2019ve seen this firsthand, especially in smaller organizations where team members are already wearing multiple hats. <\/p>\n<\/blockquote>\n\n\n\n<p>The result isn\u2019t pretty: Burnout, resentment, poor team morale. These are just some of my (un)favorite things about a team member leaving\u2026&nbsp;<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Service standards and reputation<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Even with all remaining team members working over time, you can struggle to maintain typical service standards (and risk employees burning out, as I mentioned), which can lead to dissatisfied customers and clients. <\/p>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Employee relationships<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Efficient teamwork helps achieve business goals; however, repeated changes in headcount and rapidly replacing team members can make forging positive and productive employee connections difficult.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-losing-diversity-in-perspectives-through-employee-turnover\">Losing diversity in perspectives through employee turnover<\/h2>\n\n\n\n<p>\u201cYou\u2019re limiting your growth to the group that stays, and losing the valuable perspective that\u2019s walking out the door.\u201d -Amy Spurling<\/p>\n\n\n\n<p>In addition to the areas listed above, losing team members means losing diverse perspectives.  If a specific subgroup of employees is leaving the company at disproportionately higher rates, the team ends up losing those valuable points of view. <\/p>\n\n\n\n<p>Spurling cites working parents as an example: \u201cMany employees are becoming parents once they hit the 10-15 years of experience mark. And if you aren\u2019t meeting them where they are in their life journey, you\u2019ll miss valuable perspectives from those mid-career folks who are building families. To build a more well-rounded team, you might need to make adjustments.\u201d <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-reduce-employee-turnover-costs\">How to reduce employee turnover costs<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>First,begin measuring it:<\/strong><\/li>\n<\/ol>\n\n\n\n<p><a href=\"https:\/\/www.bls.gov\/news.release\/jolts.nr0.htm\">An average of 5.6 million U.S. employees<\/a> are fired from their jobs, laid off from their positions, or simply quit each month. When combined with the fact that <a href=\"https:\/\/www.leapsome.com\/workforce-trends-report\">one in three employees<\/a> also plans to change jobs in the next 12 months, weighing employee turnover costs becomes an increasingly vital business practice.&nbsp;<\/p>\n\n\n\n<p>In fact, <a href=\"https:\/\/www.gallup.com\/workplace\/351545\/great-resignation-really-great-discontent.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Gallup<\/a> places the cost of replacing employees at one-half to two times the worker\u2019s annual salary, whereas the <a href=\"https:\/\/www.shrm.org\/resourcesandtools\/hr-topics\/talent-acquisition\/pages\/the-real-costs-of-recruitment.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">Society for Human Resource Management<\/a> (SHRM) places that figure at three to four times the employee\u2019s annual salary.&nbsp;<\/p>\n\n\n\n<p>Reducing turnover costs isn\u2019t always about adding permanent headcount. In periods of change, temporary staffing can keep projects moving without long lead times or full-cost commitments. Here\u2019s a concise primer on\u00a0<a href=\"https:\/\/www.orielpartners.co.uk\/blog\/how-do-temp-agencies-work\" target=\"_blank\" rel=\"noreferrer noopener\">how temp agencies work<\/a>\u00a0and when they make financial sense alongside internal mobility.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>High employee turnover rates are often a sign of a significant disconnect within your organization. <\/p>\n<\/blockquote>\n\n\n\n<p>For instance, a high rate of new employee turnover can signal that you\u2019re hiring candidates who are unqualified or a poor culture fit, or that your onboarding process needs adjustments.&nbsp;<\/p>\n\n\n\n<p>When it comes to more tenured team members, high employee turnover cost can suggest a few things:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>an unproductive or disengaging work environment<\/li>\n\n\n\n<li>a lack of advancement or learning opportunities, or<\/li>\n\n\n\n<li>an underwhelming compensation or benefits package, especially important in today\u2019s economic climate,&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>Spurling stresses the importance of examining employee turnover cost trends, explaining, <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cIf you see one group exiting disproportionately to their percentage on the team, it signals a problem. For example, I\u2019ve worked in organizations that saw women leaving at a rate disproportionate to their representation in the organization when they had children, which meant the company wasn\u2019t effectively supporting women in balancing parenthood and a full-time career.\u201d&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p>Getting a baseline process in place to measure employee turnover is the first step to unlocking insights that help create a work environment where employees feel valued and supported.<\/p>\n\n\n\n<p>Speaking of, let\u2019s talk about how you can begin to measure this important metric.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-calculate-employee-turnover\">How to calculate employee turnover<\/h2>\n\n\n\n<p>To calculate employee turnover, you must first select a time period (such as one quarter), then divide the number of employees who left during that period by your average number of employees. Multiply that figure by 100 to determine your employee turnover rate. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Employee turnover rate = (The number of employees who left \/ Average number of employees) x 100 <\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>You need two figures to calculate your average number of employees: the number of employees at the start of the period and the number of employees at the end of the period. Add these numbers together and divide by two to determine your average number of employees. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Average number of employees = (The number of employees at the start of the period + The number of employees at the end of the period) \/ 2 <\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>Let\u2019s say you\u2019re calculating employee turnover for Q1. If you had 200 employees at the start of the quarter and 180 at the end of it, the number of employees who left would be 20. <\/p>\n\n\n\n<p class=\"has-accent-color has-text-color has-link-color wp-elements-42580840a15f2c7377e9ca86f1e73adb\">So, the formula for the average number of employees would look like this:&nbsp;<\/p>\n\n\n\n<p>Average number of employees = (200 + 180) \/ 2<\/p>\n\n\n\n<p>Average number of employees = 190<\/p>\n\n\n\n<p class=\"has-accent-color has-text-color has-link-color wp-elements-ed5be0614eb31debec8014ba2835ab03\">With this average, the formula for your employee turnover rate would look like this:<\/p>\n\n\n\n<p>Employee turnover rate = (20 \/ 190) x 100 <\/p>\n\n\n\n<p>Employee turnover rate = (0.105) x 100 <\/p>\n\n\n\n<p class=\"has-accent-color has-text-color has-link-color wp-elements-20c1e9b47883500e0beff0bc81b869d1\"><strong>Employee turnover rate = 10.5%&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-often-should-you-measure-employee-turnover\">How often should you measure employee turnover?<\/h2>\n\n\n\n<p>As a general rule of thumb, you should measure employee turnover <em>at least <\/em>once per year. Choosing to measure turnover cost more frequently, such as monthly or quarterly, can provide more timely insights to help your organization recognize turnover trends as they occur.&nbsp;&nbsp;<\/p>\n\n\n\n<p>This is ultimately a question of how important the data is to your organization. While larger organizations find monthly turnover fluctuations helpful, smaller organizations may not measure it on a regular basis. <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/industry-turnover-rates.png\" alt=\"industry-turnover-rate\" class=\"wp-image-12573 lazyload\"\/><noscript><img decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/industry-turnover-rates.png\" alt=\"industry-turnover-rate\" class=\"wp-image-12573 lazyload\" srcset=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/industry-turnover-rates.png 1024w, https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/industry-turnover-rates-300x225.png 300w, https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/industry-turnover-rates-768x576.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/noscript><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-s-considered-a-good-employee-turnover-rate\">What\u2019s considered a &#8216;good&#8217; employee turnover rate?<\/h2>\n\n\n\n<p>A &#8216;good&#8217; employee turnover rate is highly dependent on your industry. The <a href=\"https:\/\/www.award.co\/blog\/employee-turnover-rates\" target=\"_blank\" rel=\"noreferrer noopener\">average turnover rate<\/a> among all U.S. industries is 47%. And yes, we think that\u2019s way too high!<\/p>\n\n\n\n<p>The list below breaks down the average turnover rate by industry:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hospitality: 82%<\/li>\n\n\n\n<li>Arts &amp; Entertainment: ~8%<\/li>\n\n\n\n<li>Construction: 45-57%<\/li>\n\n\n\n<li>Manufacturing: 39%<\/li>\n\n\n\n<li>Retail &amp; Wholesale Trade: 33%<\/li>\n\n\n\n<li>Government: 20%<\/li>\n\n\n\n<li>Education:<\/li>\n\n\n\n<li>Healthcare:&nbsp;<\/li>\n\n\n\n<li>Financial Activities: 29%<\/li>\n<\/ul>\n\n\n\n<p>Though it\u2019s recommended to maintain a turnover rate of around 10%, it\u2019s more realistic to maintain a rate closer to 20%. If your employee turnover rate continues to exceed 20% \u2014 or it exceeds the noted average rates for your industry \u2014 it may be time to consider engagement and retention strategies. <\/p>\n\n\n\n<p>Cut yourself some slack though, my friends. The truth is that a 0% turnover rate is unrealistic in most cases. Some degree of turnover is unavoidable, as employees will organically leave due to moving, retiring, or simply trying something new. Likewise, your business may need to downsize its workforce. <\/p>\n\n\n\n<p>If your employee turnover rate is trending more &#8216;bad&#8217; than &#8216;good,&#8217; there are ways you can turn that trend around. <\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/10-steps-fix-turnover.png\" alt=\"ways to reduce employee turnover cost\" class=\"wp-image-12575 lazyload\"\/><noscript><img decoding=\"async\" src=\"https:\/\/compt.io\/wp-content\/uploads\/2024\/11\/10-steps-fix-turnover.png\" alt=\"ways to reduce employee turnover cost\" class=\"wp-image-12575 lazyload\"\/><\/noscript><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-10-ideas-to-improve-your-employee-turnover-rate\">10 ideas to improve your employee turnover rate:<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-clarify-the-hiring-process\">1. Clarify the hiring process<\/h3>\n\n\n\n<p>One of the simplest ways to improve employee turnover is to start at the very beginning and optimize how you hire new talent. It goes without saying that a candidate who is underqualified \u2014 or overqualified \u2014 often does not last long in a new position. <\/p>\n\n\n\n<p>For instance, a new hire who is not proficient with software that is critical to their position is likely to turnover. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Similarly, a new hire who has just as much experience (or even more experience) than their superiors is likely to depart to find a position they\u2019re better suited for.&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p>Rather than discover there\u2019s an improper fit at the three-month evaluation, strive to ensure that your job postings are detailed, your expectations are clear, and your hiring process is thorough. You may want to incorporate certain steps into the process that help validate their skills, like a paid trial project or reference checks. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-improve-your-new-hire-onboarding-process\">3. Improve your new hire onboarding process<\/h3>\n\n\n\n<p>First impressions are vital to securing long-lasting employee relationships. Unfortunately, many <a href=\"https:\/\/www.thesafetymag.com\/ca\/news\/general\/many-new-hires-unhappy-with-onboarding-experience\/404349\" target=\"_blank\" rel=\"noreferrer noopener\">new hires indicate<\/a> that their onboarding processes failed to set them up for success, with 62% failing to be informed of company culture and 54% failing to be trained on company technology.&nbsp;<\/p>\n\n\n\n<p>An incomplete or inadequate onboarding process can be a major turnoff to new hires, increasing the likelihood they will willingly turnover and putting more work on existing staff. Be sure to outline a detailed onboarding process and seek feedback from new hires to continuously improve it. <\/p>\n\n\n\n<p>In addition to ironing out the process, consider how your benefits package is setting new hires up for success. A simple <a href=\"https:\/\/www.compt.io\/remote-work-stipends-perks\">remote work stipend<\/a> can go a long way in making new hires feel supported as they onboard. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-think-beyond-competitive-compensation-and-strive-for-competitive-benefits\">4. Think beyond competitive compensation and strive for competitive benefits<\/h3>\n\n\n\n<p>Nearly half of employees <a href=\"https:\/\/www.leapsome.com\/workforce-trends-report\" target=\"_blank\" rel=\"noreferrer noopener\">value competitive compensation<\/a> and benefits as reasons to remain with an organization, while more than three-quarters consider insufficient compensation a reason to leave.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>While there\u2019s far more to an employee\u2019s satisfaction than just their compensation, you can decrease the likelihood of voluntary turnover by offering more <a href=\"https:\/\/compt.io\/blog\/using-creative-employee-benefits-to-outpace-your-competitors\/\">creative employee benefits<\/a>. <\/p>\n<\/blockquote>\n\n\n\n<p>For startups or nonprofits who may have smaller hiring budgets, you can often make up for it with more thoughtful <a href=\"https:\/\/www.compt.io\/2024-lifestyle-benefits-report-takeaways\">lifestyle benefits<\/a>. <\/p>\n\n\n\n<p>For instance, a good but not great salary for a remote position with more flexibility, autonomy, and <a href=\"https:\/\/www.compt.io\/health-wellness-stipends-perks\">health and wellness stipends<\/a> can be more attractive to the right candidate than a higher salary in an in-office role with none of the additional benefits.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-5-focus-on-professional-development\">5. Focus on professional development<\/h3>\n\n\n\n<p>Nearly <a href=\"https:\/\/hbr.org\/2021\/05\/what-your-future-employees-want-most\" target=\"_blank\" rel=\"noreferrer noopener\">nine in ten employees<\/a> consider professional development and advancement opportunities as important when looking for a new position. These types of opportunities help to create a more skilled workforce as well as demonstrate a commitment to employee success.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><a href=\"https:\/\/www.compt.io\/learning-development-stipends-perks\">Professional development opportunities<\/a>, such as complementary workshops or all-expenses-paid trips to conferences, can be considered as coveted components of a benefits package. Making these highly visible and easy-to-understand is important. <\/p>\n<\/blockquote>\n\n\n\n<p>However, your organization can also strive to create clearer paths to advancement internally.&nbsp;<\/p>\n\n\n\n<p>Do employees understand your promotion process? Are they aware of how they can move up your organization\u2019s ladder rather than seek advancement elsewhere? It\u2019s vital to create documentation and share with direct reports how they can scale their skills (and compensation) with your team. <\/p>\n\n\n\n<p><em>Big News: <\/em>At Compt, we&#8217;re focused on L&amp;D features to help streamline workflows and give teams ultimate control and visibility over L&amp;D and professional development budgets. <a href=\"https:\/\/compt.io\/learning-and-development-product\/\">Reach out to us<\/a> to learn more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-6-provide-routine-feedback\">6. Provide routine feedback<\/h3>\n\n\n\n<p>A simple way to make team members feel valued for their contributions \u2014 and improve retention \u2014 is to provide routine feedback on their work. As it stands, <a href=\"https:\/\/www.leapsome.com\/workforce-trends-report\" target=\"_blank\" rel=\"noreferrer noopener\">three in four employees<\/a> desire more feedback from their managers.&nbsp;<\/p>\n\n\n\n<p>Continuous feedback can provide employees with avenues for professional development, such as learning new soft skills, while clueing in managers about their employee&#8217;s future needs.&nbsp;<\/p>\n\n\n\n<p>For instance, you might find that a member of your marketing team is showing a big interest in relationship- and account-building in sales. There may be projects you can involve them on to get them closer to the sales team.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>That team member may also want to learn from other departments what courses\/certifications they\u2019re completing that could be beneficial in a future in sales.<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-7-recognize-and-reward-employees\">7. Recognize and reward employees<\/h3>\n\n\n\n<p>Organizations with <a href=\"https:\/\/compt.io\/blog\/from-thank-you-to-wow-9-employee-recognition-examples-to-transform-your-company-culture\/\">employee recognition programs<\/a> have workers who are <a href=\"https:\/\/www.gallup.com\/analytics\/392540\/unleashing-recognition-at-work.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">56% less likely<\/a> to actively look for a new position. This is likely because, in addition to compensation, they find added benefits in having individualized attention and praise based on their hard work.&nbsp;<\/p>\n\n\n\n<p>Recognition programs can take many shapes, including <a href=\"https:\/\/compt.io\/blog\/peer-bonuses\/\">peer bonuses<\/a> or <a href=\"https:\/\/compt.io\/blog\/non-monetary-incentives\/\">non-monetary incentives<\/a> like a dedicated recognition channel on Slack.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfgWs_WnLh9ZK0IWF80ku6VsXUQrkGtKyszu-eywT_hyJG-3RqW9OYcMSCx2TgVVTYyySz-95ACC11BtkqEHFdkO9D66vrfWoEgms_NuVDlp0JV_ycy1Ac4ic40YPZUraLFO6_LAbSbXIILz0TG70091spK?key=QseuMPUGOsIPAtbNc0r89A\" alt=\"\"\/><noscript><img decoding=\"async\" class=\"lazyload\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXfgWs_WnLh9ZK0IWF80ku6VsXUQrkGtKyszu-eywT_hyJG-3RqW9OYcMSCx2TgVVTYyySz-95ACC11BtkqEHFdkO9D66vrfWoEgms_NuVDlp0JV_ycy1Ac4ic40YPZUraLFO6_LAbSbXIILz0TG70091spK?key=QseuMPUGOsIPAtbNc0r89A\" alt=\"\"\/><\/noscript><\/figure>\n\n\n\n<p><em>Psst: <\/em>We offer an easy-to-manage reward and recognition program through the <a href=\"https:\/\/compt.io\/request-a-demo\/\">Compt platform<\/a>. Employees can reward and recognize one another and use the reward towards whatever they want with a simple reimbursement process.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-8-conduct-exit-interviews\">8. Conduct exit interviews<\/h3>\n\n\n\n<p>It\u2019s vital to conduct exit interviews with employees who have voluntarily left your organization to learn why they are leaving and what your business can do in the future to reduce employee turnover cost. These insights can help power noticeable changes in your organization that reduce turnover rates overall.&nbsp;<\/p>\n\n\n\n<p>For instance, <a href=\"https:\/\/www.leapsome.com\/workforce-trends-report\">one-third of employees<\/a> mention poor workplace culture as a reason for voluntary turnover. If you receive this feedback in an exit interview, you can inquire about potential cultural changes \u2014 like opportunities for recognition \u2014 that can better retain employees. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-9-encourage-open-communication\">9. Encourage open communication<\/h3>\n\n\n\n<p>Regarding employee engagement and employee turnover, open communication is another cost-free method to help retain (and better satisfy) employees. <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Recent research suggests that close to <a href=\"http:\/\/www.leapsome.com\/workforce-trends-report\">one-third of employees<\/a> are uncomfortable reporting issues to HR, whether that be dissatisfaction with their current role, difficulties with their teammates or manager, or disappointment with their onboarding processes.<\/p>\n<\/blockquote>\n\n\n\n<p>The only way to combat this discomfort is to endorse open and transparent communication. Encourage employees to provide feedback on your company\u2019s performance and processes in the same way you provide feedback to them.  <\/p>\n\n\n\n<p>A great kickoff point to facilitating transparent communications is to collect employee feedback, even anonymously.  <\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-10-create-a-culture-of-inclusion\">10. Create a culture of inclusion<\/h3>\n\n\n\n<p>Inclusion is a key factor in a welcoming company culture that retains employees long-term. At a time when <a href=\"https:\/\/www.hays.com\/salary-guide\" target=\"_blank\" rel=\"noreferrer noopener\">55% of employees<\/a> doubt their organization\u2019s commitment to diversity, equity, and inclusion (DEI), it\u2019s vital companies double-down on their dedication.&nbsp;<\/p>\n\n\n\n<p>Much like your promotion policies and benefits packages, create thorough documentation for your DEI initiatives and ensure they\u2019re readily available to employees. More importantly, execute them in areas like hiring, advancing, and recognizing employees in your workplace. <\/p>\n\n\n\n<p>Inclusive employee benefits can go a long way toward demonstrating your commitment to supporting employees from all backgrounds.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-hr-is-not-here-to-fix-employees-problems-they-re-here-to-provide-tools-and-resources-to-support-employees-nbsp\">\u201cHR is not here to fix employees\u2019 problems \u2014 they\u2019re here to provide tools and resources to support employees.\u201d&nbsp;<\/h2>\n\n\n\n<p>Now, more than ever, it\u2019s important for HR teams to distinguish between core responsibilities and what needs to be delegated to employees. <\/p>\n\n\n\n<p>Spurling says, <\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cFor the longest time, HR has been tasked with \u2018Figure out <em>what<\/em> makes people happy and then try to make everyone happy \u2014 which is not a reasonable ask. Lifestyle benefits are helping to shift the dynamic \u2014 they\u2019re enabling HR leaders to abdicate the problem solver role and putting employees in the driver\u2019s seat.\u201d<\/p>\n<\/blockquote>\n\n\n\n<p>This <a href=\"https:\/\/compt.io\/blog\/lsas-vs-hsas-why-both-are-key-to-employee-benefits-success\/\">dynamic shift<\/a> is crucial when considering the complex reasons for turnover. Take the issue of employee burnout, for example \u2014 providing a meditation app may be helpful for some, but others need professional mental health support. That\u2019s where something like a wellness stipend can be incredibly powerful.\u201d<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-compt-can-help-you-decrease-unwanted-employee-turnover\">How Compt can help you decrease unwanted employee turnover <\/h2>\n\n\n\n<p>Unwanted employee turnover can be costly and disruptive. The key to reducing (bad) turnover and retaining your top talent is providing employees with the support they need to do their best work. Every employee is different, and lifestyle benefits and rewards offer a flexible way to cater to individual employee preferences.<\/p>\n\n\n\n<p>Compt\u2019s 100% tax-compliant employee stipend software allows HR teams to increase employee happiness by saying \u201cyes\u201d to more requests for perks and benefits, without increasing the budget or the heavy administrative burden. <\/p>\n\n\n\n<div class=\"hs-cta-embed hs-cta-simple-placeholder hs-cta-embed-182042453609\"\n  style=\"max-width:100%; max-height:100%; width:1000px;height:250px\" data-hubspot-wrapper-cta-id=\"182042453609\">\n  <a href=\"https:\/\/cta-service-cms2.hubspot.com\/web-interactives\/public\/v1\/track\/redirect?encryptedPayload=AVxigLITvqgXk9NSwrza3wTRiqtR2zq78hFgwlUtGYzOiGijdBOhVWtIt%2Fjw%2FnPANyrnWEJXJ40OleXmqz4N4rwUrmZaAnePo1LmSmLZ16a8uwNm4wJ91DYmjr98IZiMKMWcZHoS3NvzfD7QFsRe2m%2BCJOEAvPDW0ObB15TgI%2BSuPIK9Z4mWzBrx8at2l6rIhJeqkHK5%2B3wVPhmSsD1%2B3VGkfVNhyr28kUpyYky4ieZnITAzgLpOc8ZHdiqnZ7j1QlK65Mop&#038;webInteractiveContentId=182042453609&#038;portalId=3919194\" target=\"_blank\" rel=\"noopener\" crossorigin=\"anonymous\">\n    <img decoding=\"async\" class=\"lazyload\" alt=\"generic-guides-demo-cta\" loading=\"lazy\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" data-src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/3919194\/interactive-182042453609.png\" style=\"height: 100%; width: 100%; object-fit: fill\"\n      onerror=\"this.style.display='none'\" \/>\n  <\/a>\n<\/div>\n\n\n\n<p>Ready for a happier, more committed team? <a href=\"https:\/\/www.compt.io\/request-a-demo\">Request your demo here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From a damaged employer brand to lowered company morale, the true cost of employee turnover is a lot higher than it may seem. There is little debate around the importance of happy employees and the value they bring to your organization. But what do you do when your people aren\u2019t happy, and worse yet, leave? [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":12579,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[30,50,31,29],"tags":[],"class_list":["post-12567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-experience","category-hr-leadership","category-strategic-hr","category-workforce-trends"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What Does Employee Turnover [Truly] Cost?<\/title>\n<meta name=\"description\" content=\"Explore the dynamics of employee turnover cost. Get insights on how HR teams can tackle turnover without adding to their workload.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/compt.io\/blog\/what-does-employee-turnover-truly-cost-and-10-steps-to-fixing-it\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What Does Employee Turnover (Truly) Cost? [And 10 Steps to Fixing It]\" \/>\n<meta property=\"og:description\" content=\"Explore the dynamics of employee turnover cost. 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