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Cost of Turnover Calculator

 

While the costs of hiring employees such as recruiting, onboarding and orientation are visible, it is often the hidden costs that most companies never take into consideration.

This calculator will help identify the most common costs incurred and allow you to determine how much impact employee turnover is really having on your bottom line.

1) Enter your information in both numerical (1,000) and currency values ($1,000) in the green shaded boxes only. If uncertain, enter a reasonable estimate for that category.
2) Once you have entered all information, click to compute your cost of turnover.

 

Costs are calculated in Hong Kong dollars.

Calculating benchmark employee cost
Departing employee annual base salary: <- Enter salary here (xx,xxx)
Calculated annual benefits cost: Estimated at 20% of base salary
Calculated monthly salary + benefits:
Calculated daily salary + benefits: Based on 230 (8hr) working days
Cost of 'covering' a vacant position (Calculated costs of other employees 'filling in' while the position is vacant)
Number of days until the vacant position is filled: <- Enter number of working days
Calculated daily cost of 'covering' a vacant position: 33% of departing employee's daily salary + benefits
Total cost to 'cover' vacant position:
Cost to fill a vacant position
HR/Hiring manager's annual salary: <- Enter salary (xx,xxx)
Calculated HR/Hiring manager's hourly rate: Based on 230 (8hr) working days and 20% fringe rate
Cost of advertising (online and/or print): <- Enter cost (x,xxx)
Cost of resume screening: <- Enter No. of hours
Cost of interviews (telephone screening, 1st and 2nd): <- Enter No. of hours
Cost of behavioural and skills assessments: <- Enter cost ( x,xxx)
Cost of background checks (criminal, credit, reference, education): <- Enter cost ( x,xxx)
Cost of travel/moving expenses (if applicable): <- Enter cost ( x,xxx)
Total cost to fill a vacant position:
Onboarding & Orientation cost
Trainer/Manager annual salary: <- Enter salary here ( xx,xxx)
Calculated trainer/manager daily rate: Based on 230 (8hr) working days and 20% fringe rate
Total training days: <- Enter number of days
Total onboarding and orientation cost:
Cost of productivity ramp-up (During the first 3 months, an average new employee performs at 50% productivity of a tenured top performing employee)
Daily employee cost (salary + benefits):
Number of working days during first 3 months: <- Enter number of days (avg. 58 days)
Cost of productivity ramp-up:
Total cost of turnover (per employee):
Number of employees lost (in the last 12 months): <- Enter number of employees
Estimated annual turnover cost:
A 20% improvement to your bottom line by reducing turnover costs:
(A typical result of deploying a Drake HR consulting & staffing solution)

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