00:00I could put a pencil on the paper, do a little bit of math and know that if they lost 50 employees and their average salary of their hourly employees was $30,000 a year, I know it costs about 16% of their annual salary to replace each of them.
00:12So that's $240,000 in turnover costs just to replace the 50 hourly employees that they lost.
00:18Well, what about the 50 salaried employees?
00:20Well, I can also do the basic math there and figure out that if they lost 50 salaried employees and their average salary was $60,000 a year, and I know it takes 21% of their annual salaries to replace each one of them, then that's another $630,000 a year in turnover costs.
00:37So if I add $630,000 and $240,000, that's an $870,000 a year turnover problem.
