In today's recessionary environment, it is very tempting for organizations and employees to feel as if they are victims, carried away by macroeconomic events that they cannot influence. But HR can arm itself with data for a different approach—one that involves taking control and helping to turn things around. APQC, a benchmarking organization, offers three suggestions for how to begin.
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.