What is the Cost of Turnover? And How to Reduce That Cost

What is the cost of turnover?  Put another way, when an employee leaves, and you have to replace that person, how much does this cost?

I recently attended a showcase for PXT Select, a great hiring assessment published by Wiley.  The showcase shared detailed information about how PXT Select, an online applicant assessment, can improve hiring by providing crucial information about an applicant.  This information prepares you to conduct better applicant interviews, and to make smarter hiring decisions.

Wiley’s Julie Straw facilitated the session, and she started by asking how much it costs to replace an employee.  She asked the attendees at each table to have a short discussion on this question, and to then share their answers and insights with the larger group.

The answers were pretty amazing.

More info needed.  Of course, Julie’s point was that because of the high cost of turnover, you need more information than you’re currently getting from just the résumé and the applicant interview.  PXT Select provides that information, because it’s Comprehensive, Versatile, and Research-Backed.

PXT Select is a guaranteed way to reduce the cost of turnover.

What do you think?  Like I said the answers the group came up with were pretty amazing, but before I share those answers, I’d like to hear what you think.  What is the cost of replacing an employee?  Just put your thoughts in the comments section below.

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