How much does worker churn cost your business? A large and growing body of research shows that turnover is a significant expense to firms. But how do you calculate this cost, and what do you do with what you learn?
Putting a dollar figure on the annual financial impact of losing and rehiring workers at your company may help you make the case – and find the resources – for investing in strategies to improve retention. One important retention strategy, investing in the education, training and development of your workers, is also good for your bottom line. Companies that provide upskilling opportunities report reductions in their rate of turnover. Investing in upskilling could save your business money in the long term.
Aspen Institute has a useful publication to help your business