Businesses 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 can you understand the impact of your recruiting efforts in relation to turnover?
- How do we measure the ROI of a retention plan?
Join our SplashHR team for a discussion and demonstration of 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.
