Financial Factors and Beyond
Replacing employees is expensive. Forbes reported the replacement cost of millennial employees as $15,000 to $25,000. However, the average cost of employee turnover is not felt like other costs. No one sends your company a bill for $20,000 when an employee terminates. This cost accrues through recruitment, training, and lost productivity. There are additional factors beyond the financial that make up the average cost of employee turnover which we will discuss today.