How Much Money Will Turnover Cost Your Organization?
Business and HR know that turnover is expensive. In many cases, churn is an organization’s largest avoidable expense. In order to build a business case for retention, it’s critical to know the actual cost of turnover.
Many HR organizations estimate the cost of past turnover, which is a good start. It gives perspective to the size of the problem.
However, to drive business outcomes. we need to answer more questions about our workforce.
- What will turnover cost in the next 6 months?
- What factors will cause future turnover?
- How much will we save if we make changes to policy or expand flex time?
- How do we measure the ROI of a retention plan?
Join Brad Winsor, Vice President of Workforce Analytics at SplashBI, where he’ll demonstrate how SplashHR uses people analytics and machine learning to automatically calculate the cost of turnover, identify the reasons for future turnover and help prescribe a plan to increase retention.