{"id":47746,"date":"2015-05-02T13:51:28","date_gmt":"2015-05-02T08:21:28","guid":{"rendered":"http:\/\/www.vskills.in\/certification\/tutorial\/?p=47746"},"modified":"2024-04-12T14:20:11","modified_gmt":"2024-04-12T08:50:11","slug":"turnover","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/turnover\/","title":{"rendered":"The Cost of Turnover"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Campaign-Manager-7-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"750\" height=\"400\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Campaign-Manager-7-1.png\" alt=\"The Cost of Turnover\" class=\"wp-image-93543\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Campaign-Manager-7-1.png 750w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Certified-Campaign-Manager-7-1-300x160.png 300w\" sizes=\"auto, (max-width: 750px) 100vw, 750px\" \/><\/a><\/figure><\/div>\n\n\n<p><strong>The Cost of Turnover<\/strong>&#8211; Studies have shown that cost related to directly replacing an employee can be as high as 50-60% of the employee\u2019s annual salary, but the total cost of turnover can reach as high as 90-200% of the employee\u2019s annual salary.<\/p>\n<p><a href=\"https:\/\/www.vskills.in\/certification\/tutorial\/human-resources\/talent-manager\/the-cost-of-turnover-2\/attachment\/the-cost-of-turnover\/\" rel=\"attachment wp-att-59145\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-59145\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2015\/05\/The-Cost-of-Turnover.jpg\" alt=\"The Cost of Turnover\" width=\"226\" height=\"220\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2015\/05\/The-Cost-of-Turnover.jpg 386w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2015\/05\/The-Cost-of-Turnover-300x291.jpg 300w\" sizes=\"auto, (max-width: 226px) 100vw, 226px\" \/><\/a><\/p>\n<p>In a human resources context, turnover is the act of replacing an employee with a new employee. Partings between organizations and employees may consist of termination, retirement, death, interagency transfers, and resignations. Turnover rate is the percentage of employees in a workforce that leave during a certain period of time. Retaining employees is an important component to a healthy organization. Losing an employee is called&nbsp;<em class=\"emphasis\">turnover<\/em>. Turnover can be very expensive to an organization, which is why it is important to develop retention plans to manage turnover.<\/p>\n<p>There are two types of turnover, voluntary turnover, and involuntary turnover. <span class=\"margin_term\">Voluntary turnover<\/span>&nbsp;is the type of turnover that is initiated by the employee for many different reasons. Voluntary turnover can be somewhat predicted and addressed in HR, the focus of this chapter.&nbsp;<span class=\"margin_term\">Involuntary turnover<\/span>&nbsp;is where the employee has no choice in their termination\u2014for example, employer-initiated due to nonperformance.&nbsp;<\/p>\n<p>In HR, we can separate the costs associated with turnover into indirect costs and direct costs.&nbsp;<span class=\"margin_term\">Direct turnover costs<\/span>&nbsp;include the cost of leaving, replacement costs, and transition costs, while&nbsp;<span class=\"margin_term\">indirect turnover costs<\/span>&nbsp;include the loss of production and reduced performance.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><a ref=\"magnificPopup\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Try-Free-Practice-Test-for-SAP-C_TPLM22_67-at-Testprep-training.-3-1-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"961\" height=\"150\" src=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Try-Free-Practice-Test-for-SAP-C_TPLM22_67-at-Testprep-training.-3-1-1.png\" alt=\"\" class=\"wp-image-93526\" srcset=\"https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Try-Free-Practice-Test-for-SAP-C_TPLM22_67-at-Testprep-training.-3-1-1.png 961w, https:\/\/www.vskills.in\/certification\/tutorial\/wp-content\/uploads\/2020\/12\/Try-Free-Practice-Test-for-SAP-C_TPLM22_67-at-Testprep-training.-3-1-1-300x47.png 300w\" sizes=\"auto, (max-width: 961px) 100vw, 961px\" \/><\/a><\/figure><\/div>\n\n\n\n<p><strong><em>Become a Certified Talent Manager. Gain knowledge on the module &#8220;The Cost of Turnover&#8221;. Try the free practice test!<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Cost of Turnover&#8211; Studies have shown that cost related to directly replacing an employee can be as high as 50-60% of the employee\u2019s annual salary, but the total cost of turnover can reach as high as 90-200% of the employee\u2019s annual salary. In a human resources context, turnover is the act of replacing an&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[6483],"tags":[9743,9739,9741,9740,9742,6685],"class_list":["post-47746","page","type-page","status-publish","hentry","category-talent-manager","tag-certified-talent-manager-course-outline","tag-certified-talent-manager-exam-details","tag-certified-talent-manager-free-practice-test","tag-certified-talent-manager-online-tutorial","tag-certified-talent-manager-preparatory-guide","tag-the-cost-of-turnover"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Cost of Turnover<\/title>\n<meta name=\"description\" content=\"Become a Certified Talent Manager. Gain knowledge on the module &quot;The Cost of Turnover details&quot;. 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