The High Cost of Employee Turnover
Written by Dani Rice, Co-Founder & Chief Mental Health Employer Solutions Provider
Employee Turnover in the Mental and Behavioral Health Industry is taxing to the organizations, but on the team and the consumers needing services.
On average, one Employee vacancy costs the organization upwards of 30% of that individual’s salary to replace.
For a $60,000 annual salary position,
the turnover cost can be $18,000 to the bottom line.
Turnover Costs Include:
- Lost productivity from having an open vacancy
- Hiring and recruiting costs
- Additional overtime for current team to cover shifts
The hidden costs compound as the staff becomes burned out, adding to the turnover by resigning to join other organizations.
However, the real question is what’s driving the turnover?
Most organizations aren’t tracking their turnover due to lack of time. There is too much to do when dealing with key positions open. However, taking time to understand the turnover numbers and the reasons for turnover is key.
Utilizing Exit Interviews is a key way to determine what is driving people to leave organizations. In addition, Organizations can learn how to increase their retention rate.
Need help determining your Turnover Ratio, and reasons key employees are leaving? Empowered Partnerships can help! Contact Us today!
Dani Rice, Co-Founder & Chief Mental Health Employer Solutions Provider
Recruitment Firm & Creative Hiring Solutions Partner to the Mental and Behavioral Health Industry
Proud Members of the National Alliance for Mental Illness (NAMI)