Employee turnover costs can be a significant financial burden for businesses, impacting productivity, morale, and ultimately, the bottom line.
At Refered, we understand the importance of retaining top talent and reducing turnover costs. Our referral and bonus platform offers a solution to incentivize employees to bring in quality hires, ultimately lowering the cost of employee turnover for your business.
Statistics You Need to Know
Did you know that the cost-per-hire for referrals averages $1,000 less than hires from other sources? Additionally, lost productivity costs U.S. businesses a staggering $1.8 trillion every year. These statistics highlight the significant financial impact of employee turnover and the importance of implementing effective retention strategies.
Utilize the Refered Employee Turnover Calculator
To better understand the true cost of employee turnover for your business, utilize the Refered Employee Turnover Calculator. Simply adjust the sliders for average employee salary, number of employees, and average turnover rates to estimate your turnover costs.
This tool provides valuable insights into the financial implications of turnover and how Refered can help your business save.
Stop Paying Avoidable Costs
With Refered’s platform, you can reduce turnover costs by an average of 27%. By incentivizing employees to refer quality candidates and rewarding successful hires, you can create a positive cycle of employee retention and lower turnover costs.
With features such as job posts, employee dashboards, and top performer awards, Refered provides the tools you need to build a strong team and minimize turnover expenses.
Employee turnover is a costly challenge for businesses, but it doesn’t have to be inevitable. With Refered, you can lower the cost of employee turnover and create a more engaged and loyal workforce. Contact us today to learn more about how Refered can help your business save on turnover costs and build a stronger team for the future.
