It’s no secret that workplace relationships have changed dramatically in recent years. The costs of turnover in 2023 are higher than ever.
Companies report more employees leaving than ever before – with and without notice. In our free whitepaper, we examine the factors that have influenced this change, what it means for your company, and what you can do to manage unexpected turnover when it happens.
Turnover rose sharply across all industries in 2021. Commonly referred to as ‘The Great Resignation’, employees left their roles at record rates. The trend continued in 2022, with 40% of workers surveyed across 6 countries reporting that they were considering leaving their job.
High turnover comes with high costs for employers. For many companies, it’s challenging to estimate the true cost of turnover. 60% of the costs associated with turnover are soft costs, such as the time spent recruiting candidates, training them, and coaching them to full productivity. While it’s tempting to hire quickly to avoid those costs, doing so will only increase costs in the long run. 74% of employers reported selecting the wrong candidate for a role, and the average cost of hiring the wrong candidate is roughly 30% of the employee’s first-year salary.
Wondering how to mitigate the costs of turnover in 2023? Bandalier can help.
Speak with us directly, or fill out the form below to download your free copy of our whitepaper and learn:
- The primary causes for increased turnover
- How turnover impacts your company
- Simple formulas to evaluate the costs of turnover
- How you can prepare for turnover before it happens
