How much does employee turnover cost to the organization?

The word “employee turnover” has an ugly ring to it because of the huge price a company has to pay in terms of recruitment costs to replace lost talent. Bringing in a new employee also means massive amounts of training costs and expenses in terms of lost productivity during the time they take to settle in. Further, the entire organization’s reputation takes a hit if large numbers of employees leave every year. But what is the actual extent of this cost? 

Employee turnover cost is quite significant in the long run for any organization. According to an estimate, losing an employee leads to a loss of around two times the compensation of that employee. The real cost can go up based on the skill level and experience of the employee. When it is an hourly worker, employee turnover costs 1500 USD per employee. As you move up the career ladder to the C-suite, costs of employee turnover can go as high as 213 percent of the departing employee’s pay. 

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