Employee turnover is a natural part of any business, but understanding the true costs associated with it can help you make informed decisions and take proactive steps to reduce turnover. In this blog, we’ll explore how to calculate employee turnover costs and introduce a powerful solution for curbing turnover through employee referral programs.
Use Refered’s Employee Turnover Costs Calculator
One effective way to determine the impact of employee turnover on your business is by using Refered’s Employee Turnover Costs Calculator. This user-friendly tool allows you to input various statistics, such as the # of employees, # of employees that leave per year, and average employee hourly wage. With a few clicks, you’ll get a comprehensive breakdown of the financial implications of turnover tailored to your specific business size. This valuable insight empowers you to assess the impact of turnover accurately and make informed decisions to mitigate its effects.
How You Can Fix Employee Turnover with Employee Referral Programs
Employee referral programs offer a strategic solution to combat high turnover rates. These programs harness the power of your existing workforce to attract and retain top talent. Referred employees tend to have higher job satisfaction and a better cultural fit, leading to increased retention rates. When employees refer candidates, they’re essentially endorsing your company as a great place to work. This endorsement helps create a positive work environment, which in turn, reduces turnover.
Furthermore, employee referral programs streamline the recruitment process. Referred candidates often have shorter time-to-fill metrics and require less training, resulting in significant cost savings. With each successful referral, you not only save on recruitment costs but also gain a dedicated and engaged team member who is more likely to stay with the company long term.
Calculating employee turnover costs is a crucial step in understanding how turnover affects your business financially. By using tools like Refered’s Employee Turnover Costs Calculator, you can gain valuable insights into the impact of turnover and make data-driven decisions. Additionally, implementing an employee referral program can help you effectively curb turnover, save costs, and build a more engaged and loyal workforce. Contact Refered today to get started.
Free Webinar From Industry Experts
Join industry leaders, Fletcher Wimbush and Eric Olsen, on August 24 at 11am Pacific Time as they delve into a profound exploration of “The Lost Art of Employee Referrals, The Most Effective Recruiting Strategy”.
Eric Olsen, the innovator behind Refered, and Fletcher Wimbush, the powerhouse of Discovered Performance Hiring Software, will unpack the hidden potential of employee referrals and why this powerful tool often goes underutilized in talent acquisition strategies.
For more information, visit the LinkedIn event page.