Turn-Over a New Leaf: Cost of Turnover and ROI
When: Monday, April 26 - 11:00 AM
Duration: 1 hours
Behavioral health agencies suffer from workforce shortages, budgeted understaffing, and higher rates of stress than ever. New York State reported a voluntary turnover rate of 34% in 2019 in behavioral health agencies, which is likely much higher now given the additional stressors of the pandemic. The exact cost of employee turnover is difficult to calculate, with estimates ranging from 33% to 200% of a worker’s annual salary depending on both direct and indirect costs of hiring.
This module will discuss the average costs of turnover, the direct and indirect costs associated with turnover, and a provide a financial model to determine the costs of turnover in your agency and set benchmark goals.