If you need some solid evidence to build a case for greater investment in employee retention, a new tool may help. The Cost of Turnover tool is a calculator that helps estimate the cost of employee turnover in two areas: direct and indirect costs. This is important, as direct costs are easier to determine; while indirect costs—such as low morale and reduced productivity—generally are harder to put into numbers. To make best use of this tool, determine in advance what position or occupation you want to calculate costs for, who you need to collect information from, where you can get reliable information about hiring and onboarding procedures and costs, and what manager(s) can provide information about the impact of vacancies and the onboarding procedures for new workers. Read the full article.
