Many companies don’t bother and, consequently, have no idea just how much turnover costs their business or what is driving turnover rates. The quantifiable impact of turnover includes factors such as the time it takes to rehire and train, interruptions to customer service, paying overtime to existing employees, potential increase for more workers’ compensation and unemployment claims, and decreased employee morale.
Preventing high turnover rates includes proactive approaches such as hiring right the first time, implementing open chain of communication and career development with employees, conducting exit interviews and utilizing a Human Resource Information System (HRIS) platform or a professional employer organization (PEO) that can produce employee turnover reports on a regular basis.