| Item | TIME (hours) | RATE | COST |
|---|---|---|---|
| Employer payout if employer terminates the employee | |||
| Time of HR and staff to process separation | $0.00 | ||
| Typical daily wages for employee(s) to cover shifts | $0.00 | ||
| Estimated lost sales from no-shows | |||
| Typical number of days to replace 1 worker | |||
| Total vacancy costs for 1 worker | $0.00 | ||
| Item | TIME (hours) | RATE | COST |
|---|---|---|---|
| Per person cost of advertising the position | |||
| Recruiting service fee paid per position | |||
| Costs of screening and interviewing the typical number of applicants | |||
| Time spent on screening and interviews | $0.00 | ||
| Cost of external pre-employment testing | |||
| Cost of drug screen or other background checks | |||
| Hiring bonus or incentive | |||
| Onboarding costs for 1 worker | |||
| Staff time for new employee orientation & training | $0.00 | ||
| Manager time to conduct new employee orientation & training | $0.00 | ||
| Charges for space, technology, etc., for training | |||
| New employee literature or forms | |||
| Cost of badge, uniform, tools, etc. | |||
| Total replacement costs for 1 worker in this position | $0.00 | ||
| Text | TIME (hours) | RATE | COST |
|---|---|---|---|
| Shrink Costs | |||
| Reduced profit from scanning and administrative errors | |||
| Estimated theft from disgruntled employees; reduced security and increased shoplifting | |||
| Safety Costs | |||
| Increased legal and compliance costs from worker and customer injuries | |||
| Lost Sales & Lower Ramp-Up Performance | |||
| Reduced customer service and satisfaction; brand damage from disorder and long wait times; customer abandonment from long lines; reduced staff expertise | |||
| Increased stockouts; phantom stockouts from misplaced SKUs | |||
| Loss of upsells, not generating reviews needed to stay on top on tripadvisor / market positioning, cost of additional mistakes in food-related businesses and comped meals | |||
| Lost sales due to reduced worker morale and engagement | |||
| Labour costs of longer-term shadowing / doubling up staff - tour guides (4-6 weeks) | $0.00 | ||
| Lost profit from this allocation of people resources. For Go Tours, it's the money they would have made if that tour guide was running another tour during those work hours | $0.00 | ||
| Total Indirect Cost: Total indirect cost of turnover in the last 12 months | $0.00 | ||
| COST | |||
|---|---|---|---|
| Total Overall (Direct + Indirect) Cost of Turnover for 1 staff person | $0.00 | ||
| Understates losses if there are greater compliance and long-term reputation costs | |||
| Average number of staff people that leave & need to be replaced, per year | |||
| Annual Total Cost of Turnover, yearly, for your business | $0.00 | ||