How much does employee turnover really cost?

Re:How much does employee turnover really cost? by obstinate on Tuesday January 17, 2017 @07:40PM (#13422995)

I used to think that, but now I make $500k and I think you could convince me to work on something I like slightly less well for $700k. Once I achieve financial independence, it will be different, but until then, changes that significantly impact the distance to that goal are motivating.

The interesting thing though is that you wouldn't really want to entice me that way, because I'd guess you'd get a worse product out of me. So there are different types of motivation that are important. The motivation to make a choice, versus the motivation to work hard on a choice.

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Re:How much does employee turnover really cost? by jimbokun on Tuesday January 17, 2017 @09:41PM (#13423553)

If you're making $500k and not financially independent, or about to be very soon, you are doing something wrong, I think.

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Re:How much does employee turnover really cost? by Aeolun on Tuesday January 17, 2017 @10:46PM (#13423796)

It only makes you independent for chunks of 6 months per month worked. You still have to work some 5-10 years before you are independent for the rest of your life.

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Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @08:35AM (#13426171)

People generally refer to that as 'retiring'; financial independence usually means, "don't need to ask parents for small loans/handouts".

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Re:How much does employee turnover really cost? by obstinate on Wednesday January 18, 2017 @10:20AM (#13426898)

I mean it in the sense of being independent of employment for income. This is the common meaning in my circles.

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Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:15PM (#13430860)

That's 'retirement', living off your accumulated savings and guaranteed income.

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Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:55PM (#13431246)

Hi downvoters, I don't understand why 'retirement' isn't an appropriate term, please help me grow my understanding by commenting instead. Thanks, --falsedan

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Re:How much does employee turnover really cost? by obstinate on Wednesday January 18, 2017 @11:48PM (#13433097)

Retirement is when you stop working. Financial independence is when you stop having to. They are different.

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Re:How much does employee turnover really cost? by falsedan on Saturday January 21, 2017 @05:15PM (#13452415)

1. That's not the common meaning of 'financial independence' no matter how much you repeat it, it's really closely-associated with the coming-of-age rite when you no longer rely on financial support to survive

2. I can't imagine being independently wealthy & keeping my day job but I suppose it's conceivable!

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Re:How much does employee turnover really cost? by obstinate on Monday January 23, 2017 @09:59PM (#13468460)

1. How do you explain that your view is being downvoted, and mine, upvoted? This is the common understanding in the circles I run in. I think you may be the one whose definitions need an update.

2. For example, all employees at the VP and up level at Google, Facebook, etc., make more than a million dollars are year. It doesn't take long at this level of compensation to have more wealth than any reasonable person could spend. Yet they still work, normally not to satisfy an unmet financial need.

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Re:How much does employee turnover really cost? by shostack on Wednesday January 18, 2017 @09:23AM (#13426436)

I thought it meant having enough investments to live off dividends/interest/rent without having to touch your principle such that it continues growing on its own?

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Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:20PM (#13430910)

I think 'independently wealthy' describes that situation more clearly/less confusingly.

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Re:How much does employee turnover really cost? by brokenmachine on Friday January 20, 2017 @12:23AM (#13441879)

wealthy != independent.

Financial independence to me is not needing to work ever again, even if I'm living quite frugally.

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Re:How much does employee turnover really cost? by falsedan on Saturday January 21, 2017 @05:18PM (#13452427)

I don't understand the distinction; are there wealthy dependent people?

I've run the numbers on what I'd need to not work and the total amount required would clearly put me in the 'wealthy' camp.

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Re:How much does employee turnover really cost? by brokenmachine on Sunday January 22, 2017 @07:09PM (#13458582)

> are there wealthy dependent people?

I would say yes. Well, maybe not dependent but not independent.

Some people with large incomes are still up to their eyeballs in debt, or at least not living within their means.

IMO financial independence requires living within your means until the point where you never need to work again to continue that lifestyle for the rest of your life.

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Re:How much does employee turnover really cost? by SmellyGeekBoy on Wednesday January 18, 2017 @11:29AM (#13427567)

Financial independence is when time != money.

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Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:16PM (#13430870)

don't understand? children can't turn time into money, it sounds wrong to call them financially independent.

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Re:How much does employee turnover really cost? by falsedan on Wednesday January 18, 2017 @05:53PM (#13431221)

Hi downvoter, I'm not going to increase my understanding of 'time != money' without some explanation. Could you please comment so I might learn something? thanks, --falsedan

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Re:How much does employee turnover really cost? by brokenmachine on Friday January 20, 2017 @12:36AM (#13441906)

I'm not the downvoter but I'm pretty sure the original poster meant that a financially independent person no longer has to exchange their time for money, ie they can choose whatever they want to do with their time and no longer have to work just for food/shelter/etc.

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Re:How much does employee turnover really cost? by obstinate on Tuesday January 17, 2017 @11:38PM (#13423998)

Soon. But sooner is better.

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Re:How much does employee turnover really cost? by SubuSS on Thursday January 19, 2017 @05:18PM (#13439978)

With some very basic math and assuming an expenditure of about 120k in today's value per year (millionaire remember), taking into account 4% inflation and a 4% return rate, you need about 20MM+ to settle down with 100% financial independence. I made a bunch of assumptions like you need this for 50 years and 120k lifestyle today will be worth much more like 1.2MM in 50 years and so on. As much as I would love to be proven wrong on this math, 500k per month puts you very far indeed.

Money may not motivate me in small numbers, but this goal of financial independence (what they call fuck you money) is definitely a motivator.

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Re:How much does employee turnover really cost? by dceddia on Wednesday January 18, 2017 @12:06PM (#13427969)

You mentioned financial independence, so you may have already done some research into that, but I'll just leave this here:

http://www.mrmoneymustache.com/

And this nifty calculator: https://networthify.com/calculator/earlyretirement

It's mostly about the savings rate.

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Re:How much does employee turnover really cost? by obstinate on Wednesday January 18, 2017 @11:51PM (#13433114)

Yes, I have been following him for some time. He inspired me to begin saving even harder than I was already naturally predisposed to. My savings rate is nearly eighty percent these days, so we're quite close. This calculator gives me a year based on rough numbers, which is about what I had calculated. I will probably engage in the standard one-more-year thing to make things even more certain.

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Re:How much does employee turnover really cost? by brokenmachine on Friday January 20, 2017 @12:43AM (#13441920)

I am very jealous. May I ask what you're doing to earn $500k? I'm guessing Finance industry.

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Re:How much does employee turnover really cost? by obstinate on Friday January 20, 2017 @02:54AM (#13442312)

I'm a programmer at one of the big web companies.

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