Employee turnover can lead to significant financial losses, often estimated at as much as half to a full annual salary per incident.
These damages are more significant in cases where employees leave voluntarily within the first few months of employment, which is due mainly to costs related to: recruitment, employee training, lost productivity, and compensation.
Organizations may choose to implement different tools and procedures in order to reduce early voluntary turnover rate, such as: pre-employment assessments, detailed job descriptions and structured interviews to ensure job suitability and make sure that new employees’ expectations are realistic.
Midot is proud to present its new, self-developed, ROI calculator for estimating the damages due to early voluntary turnover in the first 3-months, and computing the potential savings for reducing these damages in your organization. Just fill-in 6 parameters to see how much the organization is potentially wasting on recruiting and training new employees who leave early. The calculator will then show the Return on Investment for applying tools to reduce turnover. Calculations are shown in $ and in %. You will most likely be amazed by how large the damages are and by how much money even small reductions in turnover rates can save the company.
In addition, we are happy to present our innovative pre-employment assessment: the StabiliTEST!
The StabiliTEST is a questionnaire designed to predict early resignation (within 3-6 months) among job applicants. Its measures include: desire for the job, intentions to stay, past performance, and personality attributes. Until now, most tools have focused on predicting voluntary turnover among current employees. However, the StabiliTEST offers a new approach for predicting voluntary turnover among job applicants, before they are hired.
You are welcome to use the Midot ROI calculator freely.