The True Costs of Turnover
The following statistics are food for thought when we consider the real costs of turnover in our organization.
Halogen Software shared the following information
“The cost of losing good talent is particularly acute and one of the most direct calculations that demonstrates the impact of poor talent management.
• HCI research shows that at a minimum the cost of losing good talent is 1.5 times the employee’s fully loaded salary.
• David Ulrich says that top performers are valued at two to four times the performance of competent employees.
• Dr. John Sullivan quantified that when a top performer does leave, it costs the organization $7,000 a day to operate without them if they are in a strategic position.
These statistics attest to the morale, corporate memory and momentum that also walk out the door when you’ve got bad turnover.”
When looking at the above figures the average call or contact center may suggest that these costs are overstated, but they costs may cause us to reconsider the $5,000 to $7,000 per employee turnover cost that many call centers employ.