Turnover costs can be broken down into several components:
Recruitment Costs: Expenses related to advertising job openings, conducting interviews, and screening candidates. Training Costs: The investment required to onboard and train new employees. Lost Productivity: The gap in productivity when a position is vacant and the time it takes for a new hire to reach full efficiency. Administrative Costs: Paperwork and administrative tasks associated with employee exit and new hire onboarding. Severance and Benefits: Any severance packages or continued benefits provided to departing employees.