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ROI Calculator
Replacing an employee is expensive; retaining one costs much less. A well-designed Reward & Recognition programme can significantly reduce staff turnover
Calculator assumptions
It is generally estimated that the cost of replacing a salaried employee can amount to between six to nine months' worth of their salary. This estimate encompasses recruitment costs, training expenses for the new hire, and their salary - see below for more details.
Implementing a Recognition and Rewards (R&R) strategy as part of a broader employee benefits scheme significantly reduces turnover. Many companies observe lower employee turnover rates after introducing R&R initiatives. Recognition of contributions helps employees feel valued and acknowledged for their hard work.
Additionally, companies with strong R&R cultures attract higher quality talent. A Glassdoor survey in 2023 highlighted that 76% of job seekers consider a company’s culture and values important when applying for a job.
Further reading: Combatting High Staff Turnover: Strategies for Workplace Retention, What is Reward & Recognition (R&R)?
ROI Calculator
Replacing an employee is expensive; retaining one costs much less. A well-designed Reward & Recognition programme can significantly reduce staff turnover.
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