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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 true cost of employee turnover from entry-level to high-level employees. Employee turnover costs typically vary by level within the company based on the level of expertise and training needed. Entry-level positions cost between 30 and 50 percent of the employeeâs annual salary. Mid-level positions cost upwards of 150 percent of the employeeâs annual salary. High-level and specialized employees cost upwards of 400 percent of the employeeâs annual salary.