Employee turnover is more than inconvenient. According to Gallup , “Employee turnover costs businesses $1 trillion each year.” This might seem like an exaggeration. Where do they get these numbers? Turnover affects everything from recruitment costs to team morale, and the impact can be felt long after an employee leaves. Here are some costs associated with turnover.

According to Kaiser Permanent , U.S. employers face an annual cost of $2,945 per employee due to productivity losses caused by absenteeism and presenteeism resulting from chronic illnesses and injuries. What is the difference between absenteeism and presenteeism? Absenteeism: Absenteeism is defined as being away from work without good reason or beyond what could be considered an acceptable amount of time. This isn’t your regular sick day, instead a habitual absence from the job by employees.

Chronic absenteeism is more than just an occasional missed day—it’s a silent productivity killer that affects an organization’s morale, efficiency, and bottom line. It can be caused by many reasons: illness, injuries – both chronic and acute, childcare and eldercare, burnout, and depression. And, it costs organizations billions of dollars each year

In a previous blog, we shared this statistic from Forbes : 8.8 trillion is the true cost of employee disengagement around the world. This number isn’t random, and it takes into account number of factors, both direct and indirect. Direct Costs of Disenagement: Absenteeism Turnover (recruiting, hiring, and onboarding new employees)

The fear of losing your job can be debilitating and affect every aspect of your life. As a country, we’re smack in the middle of waves of loss and uncertainty. Money writes that, “U.S. workers are starting off the year feeling pretty glum about their job security.” That may be putting it lightly. Right now you may be feeling anxious and incredibly vulnerable about your and your family’s well-being. What can you do?