The Hidden Costs Beyond the Obvious
By using our wellbeing calculator, you can quantify the impact of employee turnover on your organization and identify areas for improvement.
For too long, we've underestimated the true cost of employee turnover. While direct costs like recruitment fees and advertising are evident, the indirect costs that we now understand and can measure, that some call ‘the ripple effect’ can be far more significant, and total up to 2.5x an employees annual salary.
HR teams often bear the brunt of the workload associated with employee turnover. From managing the recruitment process to handling exit interviews, the time and effort required can be substantial. Simplafy reduce the burden on HR with done-for-you comms and automated reporting fed back to leaders.
For small and medium-sized enterprises (SMEs), the impact of employee turnover can be even more severe. Limited resources and a smaller talent pool can make it difficult to quickly replace key employees.
To mitigate these costs and maintain a high-performing workforce, organisations must prioritise employee retention. By investing in employee wellbeing, offering competitive compensation and benefits, and fostering a positive work environment, you can reduce turnover and boost productivity.
By taking a proactiveapproach to employee retention, you can protect your bottom line, enhance yourcompany culture, and build a more resilient workforce, whilst better supportingthe wellbeing of employees in the modern workplace. Although having asuccessful retention strategy may come with a price tag, it will almostcertainly work out to be far less expensive than the steep financial cost of ahigh rate of employee turnover.
Would you like to see a custom demo, or understand just how much Simplafy can save your business? Let’s chat.
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