Identifying the Real Cost of Turnover
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1 Identifying the Real Cost of Turnover Guest Presenter: Theresa M. Worman Executive VP, Strategy and Development Compdata Surveys & Consulting TalentTakeaways webinar & podcast series
2 AGENDA The Series TalentTakeaways webinar & podcast series Talent Takeaways Series
3 AGENDA The Sponsor Talent Management Made for Managers Resource Library Product Information Product Tour & Demo Talent Takeaways Series
4 AGENDA Webinar Info We are informal (and fun) Ask Questions! Q&A Session at end HRCI & SHRM Credits Slides will be available after Talent Takeaways Series
5 AGENDA About the Presenter Talent Takeaways Series THERESA M. WORMAN Theresa is a recognized compensation expert with more than twenty years in the industry. She oversees business development and works to bring Compdata s consulting and survey solutions to the organizations needing them. Throughout her career, Theresa has been instrumental in the creation and evolution of Compdata s product offerings and consulting services. Theresa often lends her expertise to audiences at seminars and webinars for ASHHRA, WorldatWork and state hospital associations. Theresa shares her knowledge with journalists from media outlets across the country, and has been quoted by The Wall Street Journal, Inc. and Money magazines, and numerous newspapers. She has been published in WorldatWork s Workspan magazine on multiple occasions.
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7 Over80% of employers say improving retention is a critical priority for their organization. -Future Workplace and Kronos
8 Unemployment Hits Record Lows 4.6% National Unemployment Rate: 4.1% 4.1% 2.9% 4.5% 2.6% 3.9% 3.6% 4.8% 3.3% 3.8% 2.1%
9 Current unemployment rate for college educated workers is 2.1%. -Bureau of Labor Statistics
10 Turnover: Facts and Trends 15.0% Voluntary Turnover: All Industries 13.0% 12.8% 13.5% 11.0% 9.0% 9.1% 9.8% 9.8% 10.4% 11.0% 11.6% 7.0% 5.0%
11 Cultural Impact of High Turnover Rising Turnover Declining Performance Low Morale
12 Cultural Impact of High Turnover
13 Cultural Impact of High Turnover
14 Financial Impact of High Turnover
15 Financial Impact of High Turnover
16 Why Should You Track Turnover? Turnover impacts all aspects of the business Provides a metric to a problem Organizations have a competitive edge when they retain seasoned and well-trained employees Helps prioritize areas for improvement Better able to validate your proposed solution to leadership
17 Hard and Soft Costs Soft costs include Decreased employee engagement Lower quality of customer service and higher occurrence of errors Negative cultural impact Hard costs include Recruiting or agency fees Training Length of vacancy Overtime costs
18 Goals for Turnover Costing Model Include data points that are: Measurable Indisputable Relevant to operations It is more important to have leadership agreement than for it to be all encompassing.
19 Factors to Consider for Costing Turnover Gather a cross-functional team Determine the data points Select a job to validate Calculate the cost of turnover
20 Gather a Cross-Functional Team Your team needs representatives from: Human Resources Talent Acquisition, Compensation, HR Business Partners CFO/Finance Also consider: Affected department heads Executives Operations employees
21 Possible Data Points Separation cost: Exit interviews, administrative costs, separation pay Acquisition cost: Advertising, travel, interviews, assessments, background checks, sign-on bonuses, employee referral bonuses and relocation Placement costs: Agency fees, on-boarding, training
22 Gather Position & Company Data Position s annual average total cash compensation and benefits All positions annual average total cash compensation and benefits Projected number of exits this year in the position Annual revenue Number of FTEs
23 Lost Productivity Data Number of days the position is vacant Anticipated days new employee needs to become productive
24 Limitations to Costing Models Every costing model has limitations Developing a model that accounts for 100% of costs may not be achievable Trying to account for every dollar reaches a point of diminishing returns Goal is to have executive agreement about measuring turnover costs to the organization
25 Not everything that counts can be counted, and not everything that can be counted counts.
26 Select Position(s) to Validate Select a benchmark job to validate internal and external metrics Position should be: Visible across the organization Agreed upon by leadership A hindrance to success should significant turnover occur
27 Cost Factors to Consider Accountant 1 All Accountant 1 s annual average total cash compensation and benefits $74,000 All positions annual average total cash compensation and benefits $81,000 Projected exits for Accountant 1 s this year 5 Annual revenue/number of FTEs $400,000 Separation cost $1,000 Acquisition cost for one new employee $3,000 Placement costs $4,000 Average number of days the position is open 25 Number of days for employee to become productive in job 30 Number FTE workdays per year 240
28 Calculate Gross Lost Productivity Step Determine daily revenue attributed to each employee Compare the average annual total cash compensation and benefits of the Accountant 1 ($74,000) to that of all positions ($81,000) Determine daily revenue attributed to an Accountant 1 Calculate total gross lost productive by multiplying number of days for Accountant 1 to become productive to the daily revenue attributed to an Accountant 1 Calculations $400,000 EE revenue/240 workdays = $1,667 per day $74,000/$81,000 =.91 $1,667 employee daily revenue x 0.91 = $1,517 $1,517 daily revenue x 30 days = $45,510 TOTAL GROSS LOST PRODUCTIVITY $45,510
29 Calculate Net Lost Productivity Step Determine total cash compensation & benefits saved per day during vacancy Calculations $74,000/240 days =$308.33/day Multiply daily amount saved by number of days vacant $308.33/day x 25 days = $7,708 Subtract total cash compensation and benefits saved from total gross lost productivity $45,510 - $7,708 = $37,802 TOTAL NET LOST PRODUCTIVITY $37,802
30 Cost of Losing One Employee Type of Cost Cost Separation $1,000 Acquisition $3,000 Placement $4,000 Net lost productivity $37,802 TOTAL COST OF TURNOVER FOR AN ACCOUNTANT 1 $45,802
31 Total Position Turnover Cost With 5 projected Accountant 1 exits during the year: TOTAL ACCOUNTANT 1 COST OF TURNOVER = $229,010 SAVINGS FOR REDUCING ACCOUNTANT TURNOVER BY 20% = $45,802 SAVINGS FOR REDUCING ACCOUNTANT TURNOVER BY 50% = $114,505
32 Communicating to Leadership Effective communication of Human Resource leaders track a number of metrics and must be able to communicate their importance to leadership Turnover is one of the most important
33 Communicating to Leadership Clearly communicating these metrics to leadership provides relevance for the company as a whole Relay the information in a way they will understand Graphs, charts, financial calculations, etc.
34 Communicating to Leadership Function Turnover Rate Total Number of Exits Total Cost of Turnover Production 32% 10 $262,560 Research & Development 12% 5 $260,000 Purchasing 13% 3 $130,660 Marketing & Sales 10% 5 $221,150 Human Resources 8% 1 $54,820 IT 16% 2 $120,800 Accounting & Finance 20% 4 $190,810 TOTAL 18% 30 $1,240,800
35 Communicating to Leadership $300,000 $250,000 $262,560 $260,000 $221,150 $200,000 $190,810 $150,000 $100,000 $130,660 $120,800 $50,000 $54,820 $0 Production Research & Development Marketing & Sales Accounting & Finance Purchasing IT Human Resources
36 How to Use the Cost of Turnover Metric Investing in employees helps employers manage turnover Use the projected cost savings to justify some of these programs More competitive compensation Employees have websites to gauge competitive wages Pay is openly shared with peers or friends Promote career advancement opportunities Offer more career mobility options Provide employees with new challenges and assignments
37 How to Use the Cost of Turnover Metric Provide employees with flexibility and options Telecommuting, benefit options, work schedule, etc. Enrich employees with educational tools Help employees understand how they can thrive in your organization Employers are planning on investing more into direct learning expenditures for employees 74% of employees feel that they aren t achieving their full potential at work due to lack of development opportunities (Middlesex University s Institute for Work Based Learning)
38 Retaining Millennials Study by Intelligence Group on millennials: 64% Priority to make the world better place 72% Want to be own boss 74% Want flexible work schedules 79% Prefer coach or mentor to a boss 88% Prefer collaborative culture 88% Desire work/life integration 100% Love answering opinion surveys
39 Retaining Millennials Employer-sponsored volunteer opportunities Company teams for local charity runs or walks Team competitions for giving/volunteering Open forums for employees to share input Self and peer evaluations Transparency where possible
40 Run HR Like a Profit & Loss Center Executives are starting to see the strategic importance of HR View it more as a P&L leader rather than a cost center HR is the Chief People Officer If not you, then who? If HR doesn t address this, who does? Still responsible for leading how the organization thinks about people and supports the desired culture
41 Begin a Different Dialogue Build the process and gain executive ownership around the cost of turnover. Clearly and logically communicate the financial implications. Position these HR initiatives in P&L terms. Ultimately, make HR a strategic partner.
42 AGENDA Q & A Live Q&A Talent Takeaways Series
43 AGENDA Resources & Support HRsoft.com Resource Library Product Information Product Tour & Demo Talent Takeaways Series
44 Questions? Contact us anytime with questions about our data or our consulting services: Theresa M. Worman Compdata Surveys & Consulting
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