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Retain, grow & Succeed: Your HR partner in building a thriving workforce

Total Success commits to being your HR partner, focused on attracting, retaining, and achieving success!

Retain, grow & Succeed: Your HR partner in building a thriving workforce

Total Success commits to being your HR partner, focused on attracting, retaining, and achieving success!

What Does High turnover Cost Your Company?

The cost of high turnover within a company can be substantial, encompassing both financial implications and its impact on the overall team dynamics and company culture. Consider these figures that underscore the magnitude of these costs:

In the United States, high turnover is estimated to cost businesses roughly $1 trillion annually. 1
Gallup, a renowned polling and consultancy group, estimates that U.S. businesses currently bear a cost of approximately $1 trillion due to voluntary turnover. 1
Hiring replacements can be a costly endeavor, often involving recruitment fees ranging from 20% to 30% of a new hire's first-year salary. 2
External hires may demand salaries 18% to 20% higher than those of internal hires. 3
Turnover costs for managerial employees are estimated to be at least one to two times their annual salary, depending on their job title. 1
Consider a mid-sized organization with 500 employees and a 20% turnover rate among management staff, each with an average salary of $100,000 per year. Such an organization could incur costs ranging from $1 million to $2 million. 1
Indirect costs, including lost productivity and negative effects on company culture and team morale, are challenging to quantify precisely but undoubtedly significant. 2

These figures illustrate the substantial financial impact that high turnover can have on a company's bottom line and overall performance. Recognizing these costs underscores the critical importance of addressing and mitigating turnover-related challenges for the sake of organizational stability and success.

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Retain, grow & Succeed: Your HR partner in building a thriving workforce

Retain, grow & Succeed: Your HR partner in building a thriving workforce

What Does High turnover Cost Your Company?

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Retain, grow & Succeed: Your HR partner in building a thriving workforce

Retain, grow & Succeed: Your HR partner in building a thriving workforce

What Does High turnover Cost Your Company?

As Seen On

Connect With Us

Drop us a line!

Over the Phone | Online

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