Download Turnover Cost Calculator Template In Excel

Employee Turnover Cost Calculator is an template with predefine formulas. Using this you can easily calculate Turnover Cost per employee and Estimate Turnover Cost per year for particular department. This template is helpful to small business owners, HR assistants and HR professionals.

Labor Turnover

Employee turnover rate is a percentage of employees leaving company during specific time and the post is then replaced by company. Turnovers usually occur due to promotions, transfers, voluntary resignations, dismissals, retirements.

Employee Cost of Turnover

Tangible and Intangible cost involve in replacing employee are called Employee Turnover Costs. These costs include final settlement of employee, filling position, training.

Turnover not only causes loss in terms of productivity but has huge impact on companies financial. Many unseen and unaccounted expenses which directly impact on company’s budget.

Employee Turnover Cost Calculator Excel Template

We have design a simple and ready-to-use Employee Turnover Cost Calculator Excel Template with predefine formulas. So, Just download template and input the data into white cells and it will automatically calculate turnover cost per employee for you.

PS: Do not enter any data in blue color cells in the amount column as these cells contain formulas. 

Use of Employee Turnover Cost Calculator

Employee Turnover Cost Calculator consists of 6 sections:

  1. Benchmark Employee Costs.
  2. Vacant Position Coverage Costs
  3. Cost To Fill.
  4. Training Costs
  5. Productivity Ramp Up Costs
  6. Turnover Calculations

1. Benchmark Employee Costs

Benchmark employee costs mean total compensation of the departed employee. Divide these compensations into daily and monthly rates. This will help us to accurately define the costs till the position remains empty.

2. Vacant Position Coverage Costs

The post of employee remains vacant until the new employee joins the organization. Thus, the workload is either distribute to other employees or remains constant. Thus, To calculate this cost multiply the number of days the post remains vacant to the benchmark costs provided in the above section.

3. Cost To Fill

However, When an employee leaves, you need to recruit another employee at his place. Although, This is a complete process starting from receiving the applications to employee joining the organization.

4. Cost of Training

Therefore, Just enter the cost of trainer per day and the number of training days and the total training cost will display. So, in case, you don’t have these per day amount of trainer then you can use our Training Cost Per Employee Calculator.

5. Productivity Ramp-up Costs

Moreover, When a new employee joins, initially for 60-90 days he is in the learning process. Thus he doesn’t give 100% productivity as the previous employee. Therefore, A study shows that he gives 50% productivity. It is called productivity ramp up.

6. Cost of Turnover Calculations

Thus, Turnover Cost Per employee is the total of A+B+C+D+E whereas the estimated turnover cost per year is the number of turnovers per year multiplied by the Turnover cost per employee.

Download this Turnover Cost Calculator template in Excel Format

Our easy to use editable Excel templates and save your significant amount of time and effort. Here’s how to download and use one of our templates:

  1. Download this free Excel Template: Once you’ve browsed through our collection of templates and find the one that best fits your needs. Once you’ve found the template you want, click on the download button.

  2. Replace sample data with your actual data: Once the template is downloaded, open it in Excel. You’ll see that it is already set up with sample data. To start analyzing your own data, simply replace the sample data with your actual data.

  3. Customize the template: Our templates are completely editable, which means you can customize them to fit your specific needs. For example, you can change the formatting, add or remove columns, or create new charts and graphs.

  4. Use the Excel template: Once you’ve fed in your data and customized the template, you’re ready to start using it for data analysis. Use the various tools and features of Excel to analyze and visualize your data, and make informed business decisions.

  5. Save and share: Once you’ve finished working on the template, save it to your computer and share it with other members of your team or stakeholders as needed.

Click Download Button To Get Turnover Cost Calculator Excel Template

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