New Report: The True Cost Of Turnover
Earlier this week, Tooling U-SME released a new report exploring the damaging impact of the cost of turnover (CoT) to manufacturers. According to the CoT report, voluntary turnover costs organizations hundreds of thousands and up to millions of dollars. The report, “The True Cost of Turnover: Hidden Costs Go Beyond Financial to Impact Productivity and Culture,” highlights the dangers of neglecting to take steps necessary to retain and continually develop their workforce. It outlines:
- The sources and causes of turnover
- Significant financial loss and unwanted business challenges if not managed properly
- Concrete steps organizations can take to reduce their turnover.
- Beyond the obvious financial costs of recruiting, onboarding and training, the report also highlights the less obvious costs of turnover to a manufacturer:
For additional insights and best practices for developing a skilled workforce, click here to download the report. You can also view the press release.