Harness the insights provided by the Refered Cost of Employee Turnover Calculator. This invaluable tool not only sheds light on your expenses but also guides strategic decisions for a more robust and cost-effective workforce. Let’s explore how you can leverage this calculator for maximum benefits.
1. Inform Your Next Business Decision
Knowledge is power. Before making significant moves within your organization, utilize the Cost of Employee Turnover Calculator to forecast potential savings or expenses associated with turnover.
The U.S. Bureau of Labor Statistics (BLS) tracks voluntary and involuntary separations across industries, revealing how common and costly turnover is on a national scale. Their Job Openings and Labor Turnover Survey (JOLTS) helps frame your internal data in context with broader labor trends, ensuring your business decisions are grounded in real-world benchmarks.
2. Expand or Downsize Outlook
The decision to expand or downsize your workforce is pivotal and directly impacts your financial bottom line. Training new employees incurs both time and financial costs.
According to the Center for American Progress, replacing an employee can cost approximately 20% of their annual salary on average, with the percentage increasing for higher-skilled roles. These findings reinforce the importance of planning workforce shifts carefully using accurate projections like those generated by the Cost of Employee Turnover Calculator.
The Cost of Employee Turnover Calculator helps you assess the impact of these decisions. With insights into potential savings by employing referred candidates, you can strategically navigate workforce changes, ensuring optimal efficiency and cost-effectiveness.
3. Sharing the Savings
The Calculator includes a slider for the average wage of your employees. Once you’ve gauged the potential savings through hiring referred candidates, explore the option of passing those savings onto your employees. Assess how adjusting wages can impact overall job satisfaction, morale, and productivity.
The Cost of Employee Turnover Calculator thus becomes a tool not only for cost reduction but also for creating a more rewarding work environment.
Empower your business decisions and foster a cost-efficient workforce with the Refered Cost of Employee Turnover Calculator. Transform the way you navigate talent acquisition and retention, setting the stage for a more prosperous future. Request a demo today to see for yourself how referred employees can benefit your business.
