A Washington, D.C. nonprofit has a new turnover calculator out, allowing you to calculate the cost of turnover online.
It’s a quick and dirty worksheet, admittedly not including all the costs and after-effects of someone leaving, like frustrated customers or clients, the costs of staffing the job temporarily, and so on.
It does include things like some recruiting costs, as well as the time it takes the newbie to get up to speed. You can find it at The Center for Economic and Policy Research.
2 comments
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Gerry Cooney Oct 4, 2011 at 11:29 am
Interesting Todd, good share!
Joseph Murphy Oct 5, 2011 at 4:04 pm
Nice worksheet to capture a range of details and data points on turnover costs. It reminded me of a 1040 Tax form.
Here is a link to another interactive calculator. It calculates the cost implications of 90 day new hire turnover.
http://bit.ly/bISJM6
It has four major variables you can adjust by dragging little red buttons:
Salary in $/hour
90 day turnover (As in a headcount whole number, not as a percentage)
Cost of Hire
Cost of On-boarding
Drop your numbers in there and see what happens. It may help you build a business- case for a staffing process improvement initiative.