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Let's Do Some Math.
This projected voluntary turnover has the potential to cost businesses billions.
Cost to Replace
Est. to Resign
What we considered in these calculations:
- It is estimated that an American household spends an average of $61,334 per year on their expenses (Source).
- The Society for Human Resource Management (SHRM) reported that on average it costs a company 6 to 9 months of an employee’s salary to replace them.
- For an employee making $60,000 per year, that comes out to $30,000 – $45,000 in recruiting and training costs.
However, this cost only takes into consideration the investment to replace the employee and not the overall losses occurred by the company for having to adapt resources in order to function with the vacancy as well as commit resources to the recruitment process. Research suggests that overall costs range anywhere from 90%-200% of an employee’s salary.
Therefore, for an employee making $60,000 per year, costs an average of $30,000 – $45,000 just to replace that employee and roughly $54,000 – $120,000 in overall losses to the company (Source).