Sticky Notes: What Is Turnover Costing You?

To build a winning culture, the solution is NOT to just cut turnover, but rather to gain control of turnover.

In today’s labor market, increased employee turnover is affecting organizations of every shape and size. There are five basic turnover costs:

1. Replacement costs: These include the costs of recruiting, onboarding, and up-to-speed training for a replacement.

2. Lost ROI on talent development: You lose (often to your competitor) the recruiting, onboarding, and up-to-speed training investment you have made in the departing employee.

3. Disruption in workflow and relationships: There is usually an increased work burden on remaining employees, especially when a good employee leaves suddenly or not on good terms.

4. Diminished morale and copycat departures: Good employees leaving can trigger other unplanned departures. The instability caused by turnover also decreases team morale.

5. Loss of bench strength: The greater your turnover among good employees, the less robust your bench strength of potential homegrown talent for other positions throughout the organization and up the ranks.

To build a winning culture, the solution is not to just cut turnover, but rather to gain control of it. Winning cultures are intentionally built, with a clear mission, reliable communication, strong and supportive leadership, collaborative high-performance teams, real accountability and flexibility, and extra recognition and rewards for high performers.

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