What might be some of the costs associated with high employee turnover. Both financial and other areas?
In human resources context, turnover is the act of replacing an employee with a new employee. This may be due to termination of contracts, retirement, death, interagency transfers, and resignations. An organization’s turnover is measured as a percentage rate, which is referred to as its turnover rate. Turnover rate is the percentage of employees in a workforce that leave during a certain period of time. Organizations and industries as a whole measure their turnover rate during a fiscal or calendar year. This means that in some cases the turnover can be low or high. However, in this paper, I will examine the cost associated with high employee turnover in an organization and robustly discuss its general impacts to the organization both financially and otherwise.