What Your Turnover Rate Says About Your Profits

Staffing industries cater to a variety of different industries and skill sets. Many firms spend time and resources training, hiring and recruiting new people to fill those in-demand positions. By lowering the turnover rates of your firm, you can keep costs down including those spent on insurance through World Wide Specialty Programs.

Calculating Turnover Rates

Hiring new employees is part of the day duties of the recruiter. In order to calculate how often new employees are needed, the firm needs to calculate the turnover rate within the firm. If the same person occupies the same position, the turnover rate stays at zero. However, if more than one person staffs a position in a given year, that number is divided by the positions then multiplied by 100. Subtract 100 from the total to get an accurate measurement of turnover.

Lowered Staffing Costs

Lowering turnover rates can positively affect the firm’s bottom line. Keeping individuals in the same positions lowers the training, recruiting and administrative expenses needed to hire a new employee.

Increasing tenure and lowering turnover rates goes a long way to helping the firm decrease hiring and placement costs.

World Wide Specialty

Programs works with your firm to find ensure proper insurance coverage. Knowing your tenure and turnover rates can help determine the liabilities of the firm. They are available to guide you in your insurance needs as the firm grows and expands.