<p>WEST PALM BEACH – Employee turnover costs money, but unfortunately it's part of the business of running a credit union – or any business, for that matter. The Center for Community Economic Development, University of Wisconsin put together a worksheet adapted from formulas developed by HR experts Wayne Cascio, H.L. Smith and W.E. Watkins that identifies four major employees turnover cost categories: </p> <p>Separations costs include:costs incurred for exit interviews; administrative functions related to termination; separation/severance pay; and any increase in unemployment compensation. </p> <p>Vacancy costs include the net cost/savings incurred as a result of increased overtime or temporary employees needed to complete the tasks of the vacant position. </p> <p>Replacement costs include the cost of: attracting applicants; entrance interviews; testing; travel/moving expenses; preemployment administrative expenses; medical exams; and acquisition and dissemination of information. </p> <p>Training costs include formal and informal training.</p>
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.