Calculate Your Turnover Costs |
| |
|
|
|
| $ |
|
Separation Costs |
admin., separation pay, exit interview x 2 |
| $ |
|
Advertisements |
paper, web, journals - $100,000/50 |
| $ |
|
Pre-employment Administrative |
(requisition, other paperwork) |
| $ |
|
Interviewing |
(# candidates x 1.5 hours x # interviewers) |
| $ |
|
Information Gathering |
(candidate review meeting) |
| $ |
|
Average Employee Referral Fee |
|
| $ |
|
Average Sign-on Bonus |
|
| $ |
|
Relocation Expenses |
$150,000 budget / 50 nurses |
| $ |
|
Tuition Reimbursement |
$100,000 budget / 50 nurses |
| $ |
|
Organization Orientation |
$25/hr x 40 hours |
| $ |
|
Unit Orientation |
$25/hr x 40 hours |
| $ |
|
Travel Nurse/Temporary Help Costs |
$50/hr x 320 hours |
| $ |
|
Screening Tests |
(Drug, Background, Physical) |
| $ |
|
Overtime to Cover Absence |
$37.50 x 40 hours |
| $ |
|
Lost Productivity - Cost of Employee Leaving and New Staff Member |
|
| $ |
|
Lost Productivity and Lowered Morale Due to Corridor Discussion Time |
|
| $ |
|
Cost of Additional Departures Due to First Departure |
For every five departures one more is recruited away |
| $ |
|
Revenue Lost Due to Closed Beds |
|
| $ |
|
Total |
|
|
|
|
|
| |
|
|
|
| |
|
|
|
