Leveraging the Great Place To Work Trust Index Survey, Mosaic Consulting Group compared employee feedback to retention rates and saw a powerful correlation. Lower levels of trust were a flashing red light that employees might leave the company.
Mosaic calculated the exact cost of turnover, including “hard” costs like paying for background checks, job listing services, and employee training, as well as “soft” costs like manager training time or time spent interviewing candidates. Added together, Mosaic found that it cost 120% of one person’s annual salary to refill an open role after an employee left.
By digging into their Great Place To Work data, Mosaic reduced turnover, saving $8 million over four years, money which could help the business complete multiple acquisitions and double revenue.
What started with saving money on employee retention eventually offered exponential benefits, thanks to the Great Place To Work Effect, which fueled growth. Having employees who stayed at the company and developed deep expertise led to better customer service, higher client satisfaction, and more revenue. By improving trust, the business was unlocked and the money followed.
