What is the estimated minimum cost of losing a single staff member due to turnover?

The estimated minimum cost of losing a single staff member due to turnover is often recognized as being around $3000. This figure reflects a range of expenses associated with staff turnover, which may include recruitment costs for hiring a replacement, onboarding and training expenses, and the potential loss of productivity during the transition period.

Additionally, organizations incur indirect costs, such as decreased employee morale and disruption to teamwork, which further highlights the financial implications of turnover. While some estimates suggest that the cost can be much higher, particularly for positions requiring specialized skills or extensive training, the $3000 figure serves as a baseline to help organizations understand the importance of retention strategies.