Staff Turnover Cost Calculator
Why use a staff turnover calculator?
Turnover is expensive.
But most businesses don’t realise just how expensive it really is.
Our staff turnover and retention cost calculator shows you the financial impact of losing staff, so you can make smarter decisions about where to invest your retention efforts.
We’ve created the calculator in Excel – so it’s quick and easy to use and you can keep a copy on-hand.
How is staff turnover cost calculated?
The basic formula for employee turnover rate is:
Employee turnover (%) = (Number of employees who left ÷ Average total employees) × 100
Once you know your turnover rate, it’s time to look at what that’s costing you.
We keep it simple.
Take the total average annual salary of all employees who left and multiply it by 50% – that’s the conservative estimated cost of replacing them.
This includes things like lost productivity, hiring, training, and onboarding.
But the great news is that engaged teams experience 31% lower turnover.
The staff turnover cost calculator puts this all together for you, so you can see how much turnover is costing you each year – and how much money you could save by investing in employee engagement and retention.
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