| Here’s just one glaring example of how paying higher wages/salaries can actually save your organization money! |
| Costco |
Avg. Hourly Wage
$17.00 |
Turnover Rate
17% |
Turnover Cost (YRLY)
$244M |
2019 Revenue
$43B |
Operating Proft/EMP.
$21,805 |
|
| Sam’s Club |
Avg. Hourly Wage
$10.11 |
Turnover Rate
44% |
Turnover Cost (YRLY)
$612M |
2019 Revenue
$37B |
Operating Proft/EMP.
$11,615 |
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If your organization does not pay competitively, it often results in people
leaving, and average costs to replace an employee include: |
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16% of annual salary for highturnover, low-paying jobs (earning under $30,000 a year). For example, the cost to replace a $10/hour retail employee would be $3,328. |
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20% of annual salary for midrange positions (earning $30,000 to $50,000 a year). For example, the cost to replace a manager making $40k would be $8,000. |
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213% of annual salary for highly educated executive positions. For example, the cost to replace a $100k CEO is $213,000. |
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