What is Turnover?
Turnover is the attrition of employees through voluntary or involuntary terminations. Turnover results in costs to the employer from lost productivity, job advertising costs, training new employees, etc
What are the costs of Turnover?The costs can be categorized as below:
- Separation of Employee
- Loss of Productivity
- Cost to find a replacement
- Training of New Employee
From Univ of Wisconsin ( http://www.uwex.edu/ces/cced/economies/turn.cfm )
The following worksheet will help you calculate the cost of employee turnover for your company. Knowing the cost of losing and then replacing an employee will help you determine how much you can afford to invest in keeping them. It will also help you analyze whether your investment in keeping your employees is adding to your bottom
Free Online Turnover Calculators
The CLASP-CEPR Turnover Calculator ( http://www.cepr.net/calculators/turnover_calc.html )
How Much Does Employee Turnover Really Cost Your Business? Use This Turnover Calculator To Find Out
Employee Turnover Cost Calculator ( http://www.expresspros.com/toc1.asp )
From University of Wisconsin ( http://www.uwex.edu/ces/cced/economies/turn.cfm )
From Sibson Consulting Company ( http://go.sibson.com/row/cot/ )
TOPMARK, LLC ( http://www.top-mark.com/turnover_cost_calculator.htm )
Turnover Cost Calculator for Sales Forces projects the soft and hard costs of, and lost revenue resulting from, the turnover in sales resources.
From Business Owner's Toolkit ( http://aol.toolkit.cch.com/text/P05_7145.asp )
Monetary and hidden costs associated with employee turnover.
HR Metrics Calculator
Human resource professionals are using metrics more frequently to help understand the impact of HR on the bottom line.
HR Calculators ( http://hr.blr.com/calculators.aspx )