It was my pleasure to catch up with friend and industry analyst, Robin Erickson, PhD, who is the Vice President of Talent Acquisition, Engagement & Retention Research at Bersin by Deloitte. In this recorded podcast we connected on a topic that she is passionate about and has continued to build upon actively for years; The calculation and cost of voluntary turnover. In this quick chat, we cover some of the more interesting points from her published research bulletin (appropriately named), Calculating the True Cost of Voluntary Turnover: The Surprising ROI of Retention. Readers can grab the report here.
While the initial paper was published in 2016, Robin has relentlessly been keeping track of the calculation and impact that turnover has on an organization, sharing discoveries ranging from details uncovered during her PhD research years ago to new discoveries as recent as the last US Labor report. And while some initial findings might seem strange (like the startling number of executives who shared why they thought voluntary turnover is actually profitable) other nuggets related to how the cost of turnover could actually be calculated may prove quite insightful. The report does include a few cost calculations and while the SHRM / American National Standards Institute (ANSI) formula for Cost Per Hire (CPH) wasn't used, the delivery of a model that does still have a chilling effect on the total cost of turnover is worthy of your attention.
Enjoy this broadcast and the follow-up Webinar next month where CareerXroads will host a webinar to take an in-depth look at Bersin's latest research into the characteristics of high performing TA functions. The recent High Impact Talent Acquisition (HITA) research highlights how top-performing companies have upgraded their TA function and integrated it throughout the business for increased team success. During this 1 hour review, Robin will demonstrate the relationship between high-performing talent acquisition and critical talent outcomes. Leaders should leave the meeting inspired to think about the current state of their TA functions while reviewing the top six key findings and the new TA maturity model that will be shared.
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