In Express Employment Professionals’ Fourth Quarter 2018 Job Insights survey, 79% of businesses surveyed said that it was “somewhat” or “very” difficult for them to fill open positions. That means employers are going to do everything they can to keep great employees like you at the company.
Studies show the total cost of employee turnover can be as high as 150% of an employee’s annual salary.
Assume the average salary in your company is $50,000—that means every time an employee leaves, the cost to replace them could be as high as $75,000! Now, multiply that number by average yearly turnover, and you can see how quickly it adds up.
So, where is all that money going? To truly gauge the impact of employee turnover, employers must consider the cost of:
- Advertising open positions
- Time spent interviewing candidates
- Time spent on reference checks
- Onboarding a new hire
- Training and development
- Interim loss of productivity
- Lost knowledge from exiting employee
- Overworked core staff due to turnover
- Impact on company culture
Staffing companies solve those issues by providing talented employees. If you sign up with a staffing company you get:
Access to Top Companies
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Source: Moving on up