Find out how much money your company is losing by keeping a position open for any amount of time.
To find the average yearly value of each employee...
ANNUAL COMPANY'S LOCATION REVENUE / TOTAL NUMBER EMPLOYEES
AVERAGE YEARLY VALUE OF EACH EMPLOYEE
To find the daily cost of an open position:
AVERAGE YEARLY VALUE / 365 DAYS
Let's work with some real numbers. In this example we will assume that your company revenue is $18 million and the company has 100 employees.
$18,000,000 / 100 employees = $180,000 average yearly value of each employee
Now why don't we figure out how much you are losing per day while this position is open...
$180,000/ 365 days = $493.15
While keeping a position open might only appear to be a nuisance, it is actually a very expensive decision, costing your company thousands of dollars.
Why Does it hurt?
- Cost of on-boarding
- Decreased employee morale
- Increased stress on employees
- Decreased productivity