Experienced Vice President of Human Resources / Strategic Leader in Organizational Growth and Culture Development / Total Rewards Strategist / Lifetime Learner
Who is managing the employee experience and reducing turnover at your company? AI indicates: The average cost of turnover for one position varies significantly depending on factors such as the level of the role, the industry, the length of the recruitment process, and the cost of training and onboarding a new employee. However, some general estimates are: Entry-Level Positions: Turnover costs for entry-level employees are typically 30% to 50% of the employee's annual salary. For example, if an entry-level employee earns $40,000 per year, the turnover cost could range from $12,000 to $20,000. Mid-Level Positions: For mid-level roles, turnover costs are estimated to be around 150% of the employee's annual salary. If a mid-level employee earns $80,000 per year, the turnover cost could be $120,000. High-Level or Executive Positions: Turnover costs for high-level or executive roles can be as high as 200% to 400% of the employee’s salary. For instance, if an executive earns $200,000 per year, the turnover cost could range from $400,000 to $800,000. These costs include recruitment, hiring, onboarding, training, lost productivity, and the impact on team morale and organizational culture. Why not hire an expert to manage this? Thoughts? #CEO #SHRM #Leadership
