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The Hidden Costs of Employee Turnover
By siliconindia
Fremont: Are you worried about your company's cost of survival going high and still could not find the reason behind it? In the world of entrepreneurs, there is no edge to competition. There are several factors affecting the survival cost of a company. Among these are one cost which several entrepreneurs forget to include in their cost sheet, but this cost not only shakes your budget but can be a tornado for your entire business. It is none other than the attrition rate of the employees.
Employee turnover has some obvious costs associated with it, including recruitment, training and salary. Every time an employee leaves the company, there are varieties of hidden costs that you might have not considered, as you do not write any account for these costs. The following points might help you the next time to calculate the exact cost of attrition that is adding up to your account like a thief.
Ripple Effect
Turnover of employees have impact on the peer group, as well as the management chain, making everyone less effective. The co-workers have to supplement the shortage in production, which distracts them from achieving their own performance goals while managers need to devote time to finding a new employee. This performance disaster in terms of production loss and others are hidden costs to the company, which they usually do not consider.
