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The Hidden Costs of Employee Turnover
By siliconindia
The Cost of Recruitment
Each time an employee leaves your company, it gifts you an additional cost of hiring and selection cycle. These costs can be significantly attached to any one of these; advertising costs to announce your job opening to the masses, cost of recruitment agency, background checks, health testing, cost of overtime pay for those who are supplementing the production vacuum, temporary help and much more.
Once you have made a hiring decision, the costs of turnover do not stop. Other costs, like signing of bonds, relocation costs and any increases in salary level that is necessary to attract new talent, all adds up.
