March 11, 2014
The explicit costs of unwanted turnover are approximately $6,000 per new hire, according to results of a joint APQC, IBM and Workforce Management benchmarking initiative. Such explicit costs are only the beginning. Costs such as ramp-up time for new hires, lost sales and lower morale among remaining employees are harder to quantify. Fortunately, it is fairly simply to increase engagement levels and retain valued employees.