Reports: Cost Estimator for Voluntary Termination SAVINGS
How much can your unit save by a reduction in voluntary staff terminations?
Expert studies have indicated that voluntary staff termination costs one to two-times the salary of the position. This estimate is reached by considering all replacement costs including advertising the open position, interviewing, “on-boarding,” training, overtime for existing staff, equipment changes, fatigue of existing staff; etc.
This COST ESTIMATOR FOR VOLUNTARY TERMINATION SAVINGS (.pdf file) uses MPathways data for the number of staff (non-academic; non-temp) terminations for your org unit.
It then allows you to establish the replacement cost and shows you the cumulative effect of reducing voluntary terminations.
This tool allows you to quickly establish the answer to: “Assuming it costs $x,xxx to replace a staff member, what will the cost savings be to my unit if I reduce the number of terminations by 10 percent each year?”
For questions or comments, contact Gary Uptigrove firstname.lastname@example.org.