How much is turnover costing you?

Turnover can be costly in more ways than one. From the direct costs associated with replacing and transitioning employees, such as recruiting, onboarding and training new hires, to the indirect costs, like reduced productivity during training, lost institutional knowledge, decreased engagement and the impact on morale, the financial impact can be huge.

We have combined these costs to create a simple one-stop-shop calculator to estimate just how much turnover is costing your organization. Simply fill out the 3 questions to the right and your average yearly turnover cost will be calculated.

Is the number higher than you were expecting? Here’s the good news: recognition can help.

Recognition can decrease the amount of turnover in an organization. In fact, organizations with recognition programs have 31% less voluntary turnover than those without. Gallup found that when recognition hits the mark, employees are...

3x more likely to strongly agree they feel a sense of loyalty to their organization.

5x as likely to see a path to grow in their organization.

56% less likely to be looking or watching for job opportunities.

Need help revamping your recognition approach? We’re here to help.

How we calculate this information.

Turnover is estimated to cost anywhere between 20% up to 213% of an employee's salary. The variation can be attributed to the difference in positions, training and years of experience. To keep our estimate on the conservative side, we used 20%.

By multiplying the number of employees in your organization by your annual turnover rate, we find the number of employees who left in the year. Then, we multiply that number by the cost of turnover (20%) to get your estimated yearly cost of turnover in your organization.