We multiply the number of employees, the average salary, benefits costs, the current turnover rate, and the expected turnover reduction savings (33%) — and this gives us an estimate as to what AllVoices is likely to save you every year. The 33% estimated reduction in cost was developed from a combination of two variables. First, our customers have reported back an estimated 33% reduction in turnover after implementing AllVoices. Second, according to our State of Workplace Harassment study and report, 34% of employees have left a job because they don't feel heard. With the AllVoices platform, and your very own customer success manager, a successful onboarding means that your employees will feel heard, with a platform that they feel comfortable using.
If you want the most accurate savings number, it’s best to have the most accurate information around salaries. If you’d like, you can come up with a ballpark estimate, or you can check with your company's HR department to see what the average salary is for employees at your company. Just know that most of the time this information is often confidential, so you may not be able to get a complete answer. If it's helpful, the average salary in the U.S. $51,480 (2021).
The average cost of benefits (according to the Bureau of Labor Statistics) is around 31%. Some of these benefits include health insurance, dental insurance, and vision insurance. Employers also commonly cover life insurance and disability insurance, and some even offer 401(k) plans.
To calculate your company’s employee turnover rate, divide the number of employees who left during the year by the average number of employees during the year. This will give you the percentage of employees who left their job during the year.
According to the most recent study by the Bureau of Labor, the average cost of an employee leaving is about 38% of their salary. This takes into account the recruitment and onboarding of a new employee, along with the lost productivity.
Reducing the turnover rate is important because it can have a significant impact on a company’s bottom line. High employee turnover can be extremely costly, as businesses must spend time and money recruiting and training new employees. In addition, high turnover can disrupt workflows and lead to decreased productivity.
There are several things a company can do to reduce its turnover rate. One of the most important is to create a strong culture that emphasizes employee satisfaction. AllVoices encourages companies to create and cultivate a strong, inclusive culture, where managers can improve and create positive work environment and support their employees.
Still not sure about AllVoices? Hear what our customers have to say:View Success stories
"Implementing AllVoices vs. a traditional whistleblower hotline has given us much more opportunity to dialogue with employees who report concerns due to the anonymous messaging feature of the tool. The UI is great and the ability to report on cases for compliance purposes is easy."Read More
"Sustainable cultures create multiple pathways for employees to receive support. AllVoices can be a valuable part of your people strategy and demonstrate your commitment to doing the right thing no matter the situation."Read More
“The anonymity feature creates a safe environment for employees to also raise more sensitive topics, providing an opportunity for us to address issues effectively and in a timely manner.”Read More