Vacancy Cost Calculator is ready-to-use Excel Template to calculate direct costs associated with vacant position.
Thus, you only need to enter require information and it will automatically calculate the vacancy costs as well as the cost per vacancy.
What is Vacancy Cost?
Moreover, Vacancy costs are different from Cost Per Hire. Cost per hire is expense require to fill the vacant position with an FTE.
Moreover, the Vacancy Costs are those costs that are spent in form of overtime, outsourcing, temporary jobs during the time the post is vacant to complete the work.
Thus, These costs don’t reflect indirect costs like damage to customer relationships, and temporary or
long-term productivity and performance differentials.
Formula To Calculate Cost Per Vacancy
CPV = Vacancy Costs / No. Of Vacant Positions
Vacancy Costs Calculator Excel Template
Moreover, We have create a simple Vacancy Cost Calculator Excel Template with predefine formulas to calculate vacancy costs that are applicable to an organization until the vacancy is fill with an FTE (Full-time Employee).
How to use the Vacancy Costs Calculator Excel Template?
So, This template consists of 3 Sections:
- Cost of Vacant Posts
- Remuneration of Ex-Employee (Salary + Benefits)
- Cost Per Vacancy
1. Cost of Vacant Posts
Firstly, cost of vacant post includes the following:
Total Cost of:
- Temporary Workers
- Individual Workers
- Outsourcing the Work
- Overtime Paid to Inbound Employees
So, Insert the above-mention details and it will calculate the Subtotal “A” using the SUM Function.
2. Remuneration to Ex-Employee/s
Secondly, the Remuneration of ex-employee or vacant post/s includes Base Salary, benefit, and loss of Revenue. So, Enter these details and the subtotal “B” calculates automatically.
In the end, It will give you total Vacancy Costs. Thus, this is derive using the above-mention formula. Thus, Subtotal “A” – Subtotal “B” is Total Vacancy Costs, either it is single post or multiple posts.
3. Cost Per Vacancy (CPV)
Thirdly, after Total Vacancy Cost is derive for multiple posts you need to divide it by number of vacant posts to get Cost per Vacancy. In case you have only one post then the Total Vacancy Cost is your Cost per Vacancy.