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How to: Enter data points in the table below and then adjust the slider to see the potential financial impact as engagement improves.
Studies have shown the financial cost for each lost employee is between 90% and 200% of the employee’s compensation. Use this estimator to demonstrate the financial benefit to an employer when they lower their turnover rate.
How to: Enter data points in the table below and then adjust the slider to see the range of financial impact as the rate of turnover changes.
McKinsey identified that a properly communicated benefits program could offer an employer significant flexibility in the amount they choose to spend on their program.
When an employer communicates effectively about the benefits program, the perceived value employees feel toward the program increases. So, an employer can offer a program that costs less, but employees feel good about it because they understand it and may be able to make better use of it as a result.
Following the McKinsey formula, employers can reduce the spend of their program by as much as 20%. For example, a $1M program not communicated well could be equivalent to an $800K program with excellent communication.
How to: Enter data points in the table below and then adjust the slider to see the potential financial impact of improved communication.