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Employee turnover is the process of replacing one worker with another for any reason. A turnover rate is the percentage of employees that a company must replace within a given time period. This rate is a concern to most companies because employee turnover can be a costly expense, especially for lower-paying jobs, which typically have the highest turnover rates.
The cost of employee turnover. Regardless of whether itâs healthy or not, employee turnover can be costly. Various sources estimate it can cost anywhere from 30 to 400% (the average being 150%) of an employeeâs annual salary to replace them, depending on their level, experience, skill set, etc.