The Hidden Costs of Employee Turnover
Employee turnover has some obvious costs associated with it, including recruitment, training and salary. However, every time an employee leaves, there are a variety of hidden costs you might not have considered, says Toronto-based human resources consultant Tom Armour. While you might not be writing a check for these costs, here is how turnover can drain dollars:
Slippage. When an employee is missing, the work that isn’t getting done has a price attached to it, Armour says. Lost sales, production delays and lags in new product introductions all cost your company money.
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