Employee Turnover Cost Calculator

In partnership with Big 5 Assessments, we can offer you complimentary access to an employee turnover cost calculator.

Employee retention is at the top of the agenda for businesses looking to grow as there are substantial hidden costs if you have significant employee turnover.

Use our employee turnover cost calculator to find how much your current staff turnover is costing you. Introducing employee retention projects can then be justified for improving staff retention and so improve the bottom line.

FIND OUT HOW MUCH YOUR STAFF TURNOVER IS COSTING YOU

If you are looking to find out how much your staff turnover is really costing your business or organisation, take advantage of our complimentary employee turnover cost calculator.

 

Key Aspects of Staff Turnover

For businesses to thrive in today’s economy, finding and retaining the best employees is critical to the success of the business. This is especially true for small businesses and not-for-profits competing with larger businesses, and larger budgets, for top talent.

Employee retention is a critical problem. LinkedIn influencer and Global Industry Analyst, Josh Bersin, explains why in the article “Employee retention is now a big issue and why the tide has turned”.

 

Key Aspects of Calculating The Cost of Staff Turnover

  •  Cost of hiring a new employee, including cost of advertising, agency fees, interviewing, screening, and hiring.
  • Cost of getting a new hire up to speed on the job, including training and management time.
  • Lost productivity- It may take a new employee one to two years to reach the productivity of an existing employee.
  • Lost engagement- employees who see high turnover disengage and lose productivity.
  • Customer service and errors- e.g. new employees take longer and are less adept at solving problems.
  • Training cost- e.g. over two to three years, a business invests 10 to 20 per cent of an employee’s salary in training.

Justifying Retention

One of the reasons the real cost of employee turnover is unknown is that most companies don’t have systems in place to track all the costs involved when somebody leaves.

Working with our strategic partner, we can now help you assess how much staff turnover is really costing you with our complimentary employee turnover cost calculator.

This calculator is for you if you are an HR professional or manager who needs to justify the cost of an employee retention initiative that you would like to introduce into an organisation.

What Effects The Employee Turnover Cost Calculator

The employee turnover cost calculator takes into account a range of factors such as:

  • Number of employees
  • Staff turnover
  • Average annual salary
  • Average recruitment costs
  • Induction and training
  • Costs
  • Productivity rate of a new
  • Hire


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