If you feel like your HR department is hemorrhaging money in attrition costs, you’re in the right place. If you stress about correctly estimating your yearly recruitment and replacement costs for employees across the board, take a deep breath. This attrition calculator arms you with the estimates you need to understand exactly how much your company will lose in employee turnover and recruitment costs this year.
Between recruitment, onboarding, training time, learning curve, and lost customers, it costs 40% of an entry-level employee’s salary to replace each worker. This cost increases to 150% for mid-level employees, and 400% for executive or specialty roles. This is how we calculate boxes X, Y, and Z, respectively. Your total average yearly attrition is simply all of these added together.
Whether that grand total has you sweating bullets or it’s just about what you expected, you have the power to reign it in.
A good corporate social responsibility program (or CSR) engages employees and makes them 25-50% more likely to stay with your company. An even better CSR program also increases revenue 10-20% and grows employee productivity up to 13%––which lowers your grand total above even more.