According to the Center for American Progress, the cost of replacing an employee ranges from 16-21% of their annual salary, depending on the industry and length of time on the job. A Gallup study has estimated that the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary.
And that doesn’t even account for the impact of other employees covering work, loss of institutional or function knowledge, or the ramp up time for a new employee to start making an impact. It’s no surprise then that employee retention is a major concern amongst many employers.
Curious how much it could really be costing you? Try this calculator to find out. Or, request a demo today.
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