The Cost of Turnover Calculator
Based on your figures, the total cost of turnover to your organization is:
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Total cost of turnover (per departed employees)
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The Drake ‘Principles of Human Capital Management’ are all based on the concept that the return on the money savings (in human capital terms) will always exceed the annual expenditure.
Reducing your turnover by just 20%, will save you:
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Here are the details
Calculated annual benefits cost: Estimated at 20% of base salary
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Calculated monthly salary + benefits:
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Calculated daily salary + benefits: Based on 230 (8hr) working days
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Calculated daily cost of 'covering' a vacant position: 33% of departing employee's daily salary + benefits
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Total cost to 'cover' vacant position:
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Calculated HR/Hiring manager's hourly rate: Based on 230 (8hr) working days and 20% fringe rate
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Total cost to fill a vacant position:
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Calculated trainer/manager daily rate: Based on 230 (8hr) working days and 20% fringe rate
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Total onboarding and orientation cost:
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Daily employee cost salary + benefits:
Cost of productivity ramp-up
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