Everyone has heard that it’s more expensive to replace an employee than to keep one, but it can be difficult to nail down an exact number. That’s because the costs of employee turnover are not unlike a crack in glass — the immediate financial blow is obvious, yes, but the damage often radiates invisibly to far corners of the organization.

The Bottom Line for Replacing Employees

If you want to know exactly how much it will cost to replace an employee in your organization, the Center for Economic and Policy Research (CEPR) has created a worksheet that can tell you just that. Don’t be surprised if you’re, well, surprised by some of the costs CEPR uncovers; everything from advertising open positions to hours spent screening applicants to entering new hires in your HR system is included in CEPR’s calculations. It’s a sobering number, and it helps to put into perspective just how much each employee who leaves costs your organization.

The Hidden Costs of Turnover

While CEPR can help you nail down the most direct costs of turnover to your business, inc.com’s Suzanne Lucas warns that it’s less obvious costs that can really hurt you, if not immediately, then in the future. Overworked staff and training costs are two of the more common costs Lucas cites, but she also points out the cost of knowledge lost when seasoned employees leave, and the effect of turnover on employee productivity.

What You Can’t Do About Turnover…

You’ll never be able to completely stop the turnover train from visiting your station. Some employees are not going to be with you for the long haul — for better or for worse. But what you can do as a hiring manager or HR person is try to get to the bottom of why good employees leave your organization. Be willing to listen and to take criticism.

…and What You Can Do About Turnover

The best thing you can do to minimize the impact turnover has on your organization is to call recruitment professionals. Staffing Partners’ recruiting specialists can help reduce the costs of turnover on your organization on all fronts by providing you with great job candidates who are ready for temporary or temp-to-hire employment in your field. Don’t let turnover get you down — call Staffing Partners today.