Calculate the Cost of Employee Turnover


VITAL INFORMATION
Employee's job title:                                        ______________    
Employee's hourly wage earning(s):               ______________    
Employee's administrator wage earning(s):   ______________    
Company office staff pay rate:                        ______________    (can be an average rate)


FIRM COSTS
Pre-Exit            
            
Parting Compensation
Organizational time    Hours _____    x Wages $_____    = $________
            
Job Expenses            
Colleague incumbrance
Overtime; Added shifts                        Hours _____    x Wages $_____    = $________
Employment search firm or agency     Hours _____    x Wages $_____    = $________
Creating job advertisement(s)
Organizational time                              Hours _____    x Wages $_____    = $________
Posting of job advertisement
Cost of advertising space(s)                 __________

Offer & Onboarding            
            
Interviewing                            Hours _____    x Wages $_____    = $________
Checking References              Hours _____    x Wages $_____    = $________
Psychological/Drug testing    Hours _____    x Wages $_____    = $________
Orientation & Training             Hours _____    x Wages $_____    = $________
            
Total Firm Costs             = $________

MALLEABLE COSTS
Pre-Exit            
            
Productivity loss of exiting employee

Exiting employee operation at 50%-75%    Hours _____    x Wages $_____    = $________
            
Productivity loss of colleagues                   Hours _____    x Wages $_____    = $________
Meeting about departure and organizational conditions
Added work load for employees                 Hours _____    x Wages $_____    = $________
Productivity loss of manager                       Hours _____    x Wages $_____    = $________
            
Open Availability Period            
            

Productivity loss of open position
Overtime/Increased shifts    Hours _____    x Wages $_____    = $________
            
Productivity loss of manager
Recorded time in filling-in     Hours _____    x Wages $_____    = $________
            
Recruiting management
Management's overtime or schedule changes  Hours _____    x Wages $_____    = $________
            
Offer and Onboarding            
            
Productivity loss during training
Requirement for Replacement assistance/leadership     
                                            Hours _____    x Wages $_____    = $________
            
Productivity loss of colleagues

Distraction Time of Current Employees    Hours _____    x Wages $_____    = $________
Productivity loss of manager    Hours _____    x Wages $_____    = $________
            
Total Malleable Costs             = $________

TOTAL COST OF TURNING OVER ONE EMPLOYEE
Firm Costs + Malleable Costs                = $________

FORMULA FOR ANNUAL TURNOVER COST
Number of exiting employees ________ x cost of turnover (hard + soft) = $________

 

 

 

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