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Turnover Cost Calculation - Expanded Version

This document outlines the costs involved in employee turnover, including separation costs for departing employees, vacancy costs when a position is empty, replacement costs for hiring and training new employees, and training costs for new hires. It provides formulas to calculate the costs of exit interviews, paid time off payouts, temporary workers, overtime, advertising, screening candidates, interviews, orientation, and on-the-job training using staff and employee hourly pay rates. The total turnover cost is the sum of all these individual cost categories.

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73 views6 pages

Turnover Cost Calculation - Expanded Version

This document outlines the costs involved in employee turnover, including separation costs for departing employees, vacancy costs when a position is empty, replacement costs for hiring and training new employees, and training costs for new hires. It provides formulas to calculate the costs of exit interviews, paid time off payouts, temporary workers, overtime, advertising, screening candidates, interviews, orientation, and on-the-job training using staff and employee hourly pay rates. The total turnover cost is the sum of all these individual cost categories.

Uploaded by

Moderator HRCI
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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Turnover Cost Calculation - Expanded Version

(Formulas included)
Essential Data
Employee's classification

______________

Employee's hourly pay rate:

______________

Employee's supervisor's pay rate:

______________

Staff pay rate (may be an average):

______________

Hours
SEPARATION COSTS
Exit interview costs:
Staff conducting interview
Departing employee being interviewed
Payout of annual leave for departing employee
Other separation costs (unemployment benefits)
Total Separation Costs

VACANCY COSTS
Temporary and contract workers
Overtime of current employees
Other vacancy costs
Total Vacancy Costs

REPLACEMENT COSTS
Communicating job availability costs:
Advertising

Wages

Staff costs to prepare ads


Screening candidates costs:
Staff costs for recruitment screening
Pre-employment testing
Interviewing and selecting candidates costs:
Staff preparation and actual interviewing time
Staff costs to select final pool of candidates and final candidate
Administrative Costs:
Payroll staff costs
New employee's time to complete administrative paperwork
Other replacement costs
Total Replacement Costs

TRAINING COSTS
Orientation Costs:
Staff conducting orientation
New employee attendance
External training (seminars, workshops):
Fees
New employee attendance (time away from job)
On-the-job training:
Staff conducting on-the-job training
New employee time
Other training costs
Total Training Costs
TOTAL TURNOVER COST

Total

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