How Much Does Employee Turnover Really Cost?
CLASP and the Center for Economic and Policy Research (CEPR) have released a turnover calculator, a dynamic new tool that allows employers to calculate how much turnover costs in just 10 questions. With the economy still sluggish, many businesses struggle to maintain or increase their bottom lines. The turnover calculator provides employers the opportunity to measure their turnover costs so they can develop and plan for policies that save money and help their business.
CLASP and CEPR developed this tool as part of its broader advocacy work to ensure work life balance for employees. Policies that expand job quality lead to improved employee loyalty and morale and can make a significant difference for workers and for businesses. Employees have the security and benefit of being able to take time off when needed without facing retaliation and employers have a more loyal workforce, therefore reducing employee turnover.