Cost of hiring a new employee
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Employee turnover is expensive. What is the cost of hiring a new employee?
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Solution Summary
This solution deals with the problem of high turnover of employees. It then discusses the cost of hiring new employees and solution to handle the high turnover costs.
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Employee Turnover Statistics
On average, U.S. companies experience 50 percent turnover every four years," says Sage Learning Systems in a list its has compiled of facts and figures about training, work and jobs.
Employee turnover is expensive. Turnover costs more than $10,000 per employee every year at nearly half of the 206 medium-to-large organizations surveyed by William M. Mercer, Inc, a New York based human resource management consulting firm, according to the Bureau of National Affairs. Even in those companies that estimate lower costs, the impact on the bottom line is as serious as it is cumulative.
Estimates of turnover costs may range from 25 percent to almost 200 percent of annual compensation. Costs that are more difficult to estimate include customer service ...
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