Companies typically spend 6-9 months of an employee’s salary to hire and train a replacement, according to the Society for Human Resource Management.
Josh Bersin, a leading researcher on human resources and talent management, says the cost of replacing an employee ranges from tens of thousands of dollars up to 1.5-2 times their annual salary.
Why is employee turnover so costly? Bersin explains that employees are “appreciating assets. The longer we stay with an organization, the more productive we get – we learn the systems, we learn the products, and we learn how to work together.”
Partner with TalenTrust to ensure you have a pipeline of candidates available, so turnover doesn’t lead to a crisis. We treat recruitment as an ongoing and strategic sales process. We identify prospective employees (those passive candidates), develop a strong employer value proposition (why work for you) and engage through compelling outreach (calls, texts, emails, events) and nurture them through a process to determine if they are a great fit for your organization.