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How Much Does Your Employee Turnover Cost?

Wed, 01/23/2013 - 7:00pm

Finding and keeping good employees can be a manager's biggest challenge. An online Employee Turnover Calculator from the Center for Community and Economic Development at the University of Wisconsin can help you calculate the cost of employee turnover for your company.

Turnover can create significant financial damage in an organization. Seeing the real dollar amounts may go far in justifying funding for training or re-training, exit interviews, effective hiring, and other tools to increase employee performance and retention.

This worksheet by William H. Pinkovitz, Joseph Moskal, and Gary Green is a start in the direction to "find better employees and keep the good ones." They say that the turnover dilemma is "knowing how much to spend to ensure you're getting an adequate return on your investment in people."

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