X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

<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:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.