Cost of Turnover
Complete this simple calculation to learn how much your organization is spending (and could save) from losing valuable people.
Exempt Employees
How do you measure up?
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The Society of Human Resources Management (SHRM) estimates that to replace a salaried employee costs 8 months’ salary on average.
We are using the following averages:
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Annual turnover rate in Metro DC market = 20.6%
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Annual average salary in the Metro DC market = $79,856.
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To replace each employee lost (8 months' salary) = $53,237.
Using the average turnover rate, if you employ 100 people and you lose ~20% to turnover, the cost is staggering: $1,096,682.
Our goal is to help you learn what is going on in your organization and mitigate the cost of turnover. Imagine reducing your turnover by 10%. Here are the savings you would realize annually:
LevinHRConsulting worked with Osiris Therapeutics to reduce turnover by 20% which resulted in a savings of $800,000.
LevinHR Consulting is working with a current client and to date, we have reduced turnover by 15% which has resulted in a savings of over $350,000
We can do the same for you!