We all know that turnover is costly, but do you know just how costly? Do you know what your costs are for hiring a new employee? Or what it costs your company if you make a bad hire? There are a variety of free online tools and widgets to help you assess these costs and figure them into your planning. Here are a few tools that we’ve found useful.
A handy resource that’s well worth bookmarking is a page of useful HR calculators compiled by the Recruiters Network. These include a Cost Per Hire Calculator, a Recruiting Costs Calculator, a calculator to assess the Cost of a Bad Hire, a Moving Calculator to help determine relocation costs, a variety of calculators to measure the turnover rates or costs, a Salary Calculator to learn comparable salaries for hundreds of U.S. and international cities, and an Hourly & Annual Wage Rate Converter.
Aon Workforce Strategies also has a pair of valuable tools. Their Absence Cost Estimator calculates your direct and indirect costs of absence and their Turnover Cost Estimator calculates your direct and indirect costs of turnover. Both tools help you to determine the magnitude of the problem and provide a baseline to measure future performance.
ADP Screening and Selection Services offers a Bad Hire Calculator to help you assess how much a single bad hire could cost your company.
HR Software offers a page of links to a variety of turnover calculators.
The Society of Human Resource Managers (SHRM) has compiled a list of links to a variety of compensation and benefit calculators, including salary wizards, cost of living calculators, and inflation calculators.
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