{"id":2963,"date":"2022-09-16T16:04:00","date_gmt":"2022-09-16T20:04:00","guid":{"rendered":"https:\/\/www.dailypay.com\/2017\/08\/03\/employee-turnover\/"},"modified":"2023-10-20T17:21:38","modified_gmt":"2023-10-20T21:21:38","slug":"employee-turnover","status":"publish","type":"post","link":"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover\/","title":{"rendered":"How to Reduce Employee Turnover Rates [2022 Update]"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2963\" class=\"elementor elementor-2963\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-19881a58 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"19881a58\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5483fb97\" data-id=\"5483fb97\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-392fb841 elementor-widget elementor-widget-text-editor\" data-id=\"392fb841\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p><i><span style=\"font-weight: 400;\">This post has been updated to reflect new data and trends in employee turnover. Learn how to address turnover in the <\/span><\/i><a href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/engagement-turnover-restaurant-qsr-industry\/\"><i><span style=\"font-weight: 400;\">restaurant\/QSR industry<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> and <\/span><\/i><a href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/improving-retention-increasing-engagement-hotel-hospitality-industry\/\"><i><span style=\"font-weight: 400;\">hospitality industry<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> in our industry blog series<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Monitoring and calculating the true costs of employee turnover is an important mission for any business. However, fully understanding turnover costs can be difficult, since\u00a0 many qualitative and quantitative factors determine the cost of turnover for a business. By tracking patterns of employee churn, companies may be better equipped to identify and <\/span><a href=\"https:\/\/www.dailypay.com\/resource-center\/employee-retention\/\"><span style=\"font-weight: 400;\">minimize causes of turnover<\/span><\/a><span style=\"font-weight: 400;\">, which can help protect their bottom line.<sup>1<\/sup><\/span><\/p>\n<h2 class=\"wp-block-heading\"><b>Calculate the cost of employee turnover<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Turnover is expensive for businesses. It is estimated that employee <\/span><span style=\"font-weight: 400;\">turnover can cost 1.5 to 2 times each employee\u2019s salary<\/span><span style=\"font-weight: 400;\">, depending on their seniority, length of tenure and other factors. The average cost to replace an hourly worker is $1,500. Replacing technical employees can cost 100-150% of their salary, while replacing someone in the C-Suite can cost 213% of their salary.<sup>2<\/sup><\/span><\/p>\n<p><span style=\"font-weight: 400;\">It may be difficult to determine the exact cost of qualitative losses, such as a decrease in morale, but some important factors should be considered, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Productivity loss from <\/span><a href=\"https:\/\/www.entrepreneur.com\/article\/246036\"><span style=\"font-weight: 400;\">disengaged, unhappy employees<\/span><\/a><sup>3<\/sup><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The cost of hiring new employees, including recruiting, screening and interviewing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Time spent on orientation, training and employee onboarding<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Ramp-up time for new employees<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Alternatively, DailyPay\u2019s <\/span><a href=\"https:\/\/www.dailypay.com\/employee-turnover-calculator\"><span style=\"font-weight: 400;\">employee turnover cost savings calculator<\/span><\/a><span style=\"font-weight: 400;\"> can help you determine what your company\u2019s annual savings could be after increasing retention rates.<sup>4<\/sup><\/span><span style=\"font-weight: 400;\"> To use the tool, you simply need to input your company\u2019s number of employees, turnover rate and cost per new hire to see your estimated annual savings.<\/span><\/p>\n<h2><b>Determine who\u2019s most likely to quit<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">According to the <\/span><a href=\"https:\/\/www.bls.gov\/news.release\/tenure.nr0.htm\"><span style=\"font-weight: 400;\">Bureau of Labor Statistics (BLS)<\/span><\/a><span style=\"font-weight: 400;\">, there are patterns in employee churn.<\/span><span style=\"font-weight: 400;\"> Employees in service-based occupations, specifically the food service industry, have some of the lowest tenures <\/span><a href=\"https:\/\/www.nrn.com\/workforce\/more-restaurant-employees-are-quitting-any-other-industry-recent-data-shows\"><span style=\"font-weight: 400;\">due to low wages and lack of quality benefits<\/span><\/a><span style=\"font-weight: 400;\">.<sup>6<\/sup><\/span><span style=\"font-weight: 400;\"> The median worker in the food service industry will quit just before the two year mark.\u2075<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Median employee tenure was generally higher among older workers than younger ones. For example, in 2020, the median tenure of workers ages 55 to 64 (9.9 years) was more than three times that of workers ages 25 to 34 years (2.8 years).\u2075<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The short tenures for younger workers could pose a problem in the near future. According to Pew Research, millennials have surpassed Generation X to become the <\/span><span style=\"font-weight: 400;\">largest share of the American workforce<\/span><span style=\"font-weight: 400;\">, meaning that a large portion of your staff may be at risk for leaving.<\/span><\/p>\n<h2><b>Examine the causes of employee churn<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Turnover rates for hourly workers can be up to <\/span><a href=\"https:\/\/hiring.monster.com\/resources\/recruiting-strategies\/talent-acquisition\/hiring-process-hourly\/#:~:text=More%20than%20half%20of%20all,salary%20workers.\"><span style=\"font-weight: 400;\">3 times the turnover rates<\/span><\/a><span style=\"font-weight: 400;\"> for salaried workers.<sup>8<\/sup><\/span><span style=\"font-weight: 400;\"> Hourly waged workers, especially those who are unable to earn overtime, tend to earn less than salary workers. To feel more financially secure, workers earning low wages might keep an eye out for new opportunities that may pay better or offer more advantageous payment plans.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Disengagement in the workplace is also a sizable contributing factor to turnover costs. According to a 2021 Gallup Poll, only <\/span><a href=\"https:\/\/www.gallup.com\/workplace\/352949\/employee-engagement-holds-steady-first-half-2021.aspx\"><span style=\"font-weight: 400;\">36% of employees are engaged in their jobs<\/span><\/a><span style=\"font-weight: 400;\">, with 15% reporting that they\u2019re actively disengaged.<sup>9<\/sup><\/span><span style=\"font-weight: 400;\"> While turnover rates may vary from organization to organization, the least engaged employees tend to have the highest turnover rates.<\/span><\/p>\n<h2><b>Reduce turnover in your organization<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">To help increase employee retention, many companies are now offering improved benefits that keep up with today\u2019s fast-paced world. On-demand pay is a benefit that\u2019s growing in popularity in today\u2019s digital landscape, with DailyPay recognized as the gold standard provider.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A study from the <\/span><a href=\"https:\/\/www.dailypay.com\/mercator-report-2021\/\"><span style=\"font-weight: 400;\">Mercator Advisory Group<\/span><\/a><span style=\"font-weight: 400;\">, \u201cModernizing Payroll Through Earned Wage Access,\u201d reveals the true transformative power that DailyPay has on a company\u2019s bottom line. Mercator\u2019s research focused on some of the major industries DailyPay serves, calculating how much turnover decreased after implementing this benefit. Some notable results are as follows:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Nursing homes- 73%\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Transportation- 68%<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Call centers- 51%\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Caregivers- 27%<sup>10<\/sup><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This data suggests that helping your employees feel valued and more financially secure may help them stay with your company longer, which may reduce turnover and the associated costs.\u00a0<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Want to see how DailyPay may be able to help your organization battle employee churn?<\/span><\/i><\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a348590 elementor-widget elementor-widget-ucaddon_dp_button\" data-id=\"a348590\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_dp_button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start DP Button -->\n<style>\/* widget: DP Button *\/\n\n.dp-blue-white-btn:hover{\ncolor: var(--blue-color) !important;\n}\n\n<\/style>\n\n<div class=\"dp-btn-wrap dp-mt12 mb0 \" style=\"justify-content: flex-start;\">\n <a class=\"dp-btn-normal dp-blue-orange-btn \" href=\"\/demo\/\" target=\"_self\">Book a Demo <i class=\"fas fa-chevron-right\" style=\"font-size: 12px;position: relative;bottom: 1px;margin-left: 1px;display:none\"><\/i><\/a>\n<\/div>\n<!-- end DP Button -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7d6437d elementor-widget elementor-widget-ucaddon_dp_footnotes\" data-id=\"7d6437d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"ucaddon_dp_footnotes.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\n<!-- start DP Footnotes -->\n<style>\/* widget: DP Footnotes *\/\n\n.footnotes-textarea{\n  margin-bottom: 24px;\n  display: block;\n  color: #676b75;\n  font-size: 12px;\n  line-height: 16px;\n  max-width: nonepx;\n}\n\n.footnotes-textarea p{\n  margin-bottom: 10px;\n  color: #676b75;\n  font-size: 12px;\n  line-height: 16px;\n}\n\n.footnotes-column-wrapper p{\n  color: #676b75;\n  line-height: 16px;\n  margin-bottom: 4px;\n  display: flex;\n}\n\n.footnotes-column-wrapper p sup{\n  margin-right: 2px;\n}\n\n.footnotes-column-wrapper p a{\n  font-weight: 400;\n  text-decoration: underline;\n  color: #676b75;\n  transition: all ease 0.3s;\n  width: 100%;\n  max-width: max-content;\n}\n\n\n.elementor-widget-theme-post-content .footnotes-column-wrapper p a{\n  font-weight: 400;\n  text-decoration: underline;\n  color: #676b75;\n  transition: all ease 0.3s;\n}\n\n.footnotes-column-wrapper p a:hover{\n  color: #494c52;\n}\n\n\n.elementor-widget-theme-post-content .footnotes-column-wrapper p a:hover{\n  color: #494c52;\n}\n\n.footnotes-copy-text{\n  display: none;\n}\n\n.footnotes-copy-text .colon-symbol{\n  margin-right: 5px;\n}\n\n.dp-footnotes-show{\n  display: block;\n}\n\n.dp-column-wrap{\n  flex-wrap: wrap;\n}\n\n.footnotes-column-wrapper{\n  width: 100%;\n  margin: 0px;\n  display: flex;\n  flex-wrap: wrap;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-1 p{\n  width: 100%;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-2{\n  gap: 0 20px;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-2 p{\n  width: calc(50% - 10px);\n}\n\n.footnotes-column-wrapper.dp-column-wrap-3{\n  gap: 0 15px;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-3 p{\n  width: calc(33.33% - 10px);\n}\n\n.footnotes-column-wrapper.dp-column-wrap-4{\n  gap: 0 10px;\n}\n\n.footnotes-column-wrapper.dp-column-wrap-4 p{\n  width: calc(25% - 10px);\n}\n\n@media only screen and (max-width: 768px) {\n  .footnotes-column-wrapper.dp-column-wrap-4, .footnotes-column-wrapper.dp-column-wrap-3, .footnotes-column-wrapper.dp-column-wrap-2{\n    gap: 0\n  }\n  .footnotes-column-wrapper.dp-column-wrap-4 p, .footnotes-column-wrapper.dp-column-wrap-3 p, .footnotes-column-wrapper.dp-column-wrap-2 p{\n    width: 100%;\n  }\n}\n\n<\/style>\n\n<div class=\"footnotes-textarea\"><p><i><span style=\"font-weight: 400;\">All information herein is for educational purposes only and should not be relied upon for any other use. The information herein does not constitute the rendering of financial business, accounting, securities, tax, legal advice, or other professional advice by DailyPay. No fiduciary obligation or duty exists or is created, between you and DailyPay. DailyPay does not warrant the completeness or accuracy of any information provided to you.<\/span><\/i><\/p><\/div>\n<div class=\"dp-column-wrap\">\n  <div class=\"footnotes-column-wrapper dp-column-wrap-1\" style=\"max-width: nonepx;\">\n    <p class=\"f12 \"><sup>1<\/sup> <a href=\"https:\/\/www.dailypay.com\/resource-center\/employee-retention\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.dailypay.com\/resource-center\/employee-retention\/<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>2<\/sup> <a href=\"https:\/\/builtin.com\/recruiting\/cost-of-turnover\" target=\"_blank\" rel=\"noopener\">https:\/\/builtin.com\/recruiting\/cost-of-turnover<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>3<\/sup> <a href=\"https:\/\/www.entrepreneur.com\/article\/246036\" target=\"_blank\" rel=\"noopener\">https:\/\/www.entrepreneur.com\/article\/246036<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>4<\/sup> <a href=\"https:\/\/www.dailypay.com\/employee-turnover-calculator\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.dailypay.com\/employee-turnover-calculator\/<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>5<\/sup> <a href=\"https:\/\/www.bls.gov\/news.release\/tenure.nr0.htm\" target=\"_blank\" rel=\"noopener\">https:\/\/www.bls.gov\/news.release\/tenure.nr0.htm<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>6<\/sup> <a href=\"https:\/\/www.nrn.com\/workforce\/more-restaurant-employees-are-quitting-any-other-industry-recent-data-shows\" target=\"_blank\" rel=\"noopener\">https:\/\/www.nrn.com\/workforce\/more-restaurant-employees-are-quitting-any-other-industry-recent-data-shows<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>8<\/sup> <a href=\"https:\/\/hiring.monster.com\/resources\/recruiting-strategies\/talent-acquisition\/hiring-process-hourly\/#:~:text=More%20than%20half%20of%20all,salary%20workers\" target=\"_blank\" rel=\"noopener\">https:\/\/hiring.monster.com\/resources\/recruiting-strategies\/talent-acquisition\/hiring-process-hourly\/#:~:text=More%20than%20half%20of%20all,salary%20workers<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>9<\/sup> <a href=\"https:\/\/www.gallup.com\/workplace\/352949\/employee-engagement-holds-steady-first-half-2021.aspx\" target=\"_blank\" rel=\"noopener\">https:\/\/www.gallup.com\/workplace\/352949\/employee-engagement-holds-steady-first-half-2021.aspx<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n<p class=\"f12 \"><sup>10<\/sup> <a href=\"https:\/\/www.dailypay.com\/mercator-report-2021\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.dailypay.com\/mercator-report-2021\/<\/a><span class=\"dp-footnotes-hide footnotes-copy-text\"><span class=\"colon-symbol\">:<\/span>DailyPay, 2020<\/span><\/p>\n   <\/div>\n<\/div>\n<!-- end DP Footnotes -->\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>This post has been updated to reflect new data and trends in employee turnover. Learn how to address turnover in the restaurant\/QSR industry and hospitality industry in our industry blog series Monitoring and calculating the true costs of employee turnover is an important mission for any business. However, fully understanding turnover costs can be difficult,<a class=\"read-more\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover\/\">Read More<\/a><\/p>\n","protected":false},"author":78,"featured_media":2964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[147],"tags":[68],"class_list":["post-2963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-employee-turnover"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How to Reduce Employee Turnover Rates [2022 Update] - DailyPay<\/title>\n<meta name=\"description\" content=\"How to calculate the cost of employee turnover, and how can you reduce employee turnover in your industry\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Reduce Employee Turnover Rates [2022 Update]\" \/>\n<meta property=\"og:description\" content=\"How to calculate the cost of employee turnover, and how can you reduce employee turnover in your industry\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dailypay.com\/resource-center\/blog\/employee-turnover\/\" \/>\n<meta property=\"og:site_name\" content=\"DailyPay\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/dailypay\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-16T20:04:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-20T21:21:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dailypay.com\/wp-content\/uploads\/Article-3_Financial-Planning-1-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Chris Brunau\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@dailypay\" \/>\n<meta name=\"twitter:site\" content=\"@dailypay\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Chris Brunau\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"How to Reduce Employee Turnover Rates [2022 Update] - 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