Employee Turnover Louisville KY

The following contains aircraft services information you should know about employee turnover. Read on if you or a loved one is interested in aviation and transportation in Louisville.

Local Companies

Bank of New York
502-566-6960
614 W Main St
Louisville, KY
1st Independence Bank
502-895-7415
4220 Shelbyville RD
Louisville, KY
BankUnited
502-893-4553
4350 Brownsboro Rd
Louisville, KY
Bank of America
502-368-4070
1441 Squires Dr
Louisville, KY
Beacon Community Credit Union
502-364-2789
5401 Southside Dr
Louisville, KY
Bank of Louisville
502-955-6976
11401 Preston Hwy
Louisville, KY
Fifth Third Bank
502-231-2154
6900 Bardstown RD
Louisville, KY
Blair Robert L
502-244-0271
11501 Main St
Louisville, KY
CVL-USA
(502)657-0484
9001 Cane Run RD
louisville, KY
First Federal Savings Bank
502-493-4004
6350 S Hurstbourne Pkwy
Louisville, KY

provided by: 

There are many opinions regarding employee turnover. Some believe it is an inevitable fact of doing business. Others say that turnover is a symptom that indicates deeper organizational problems are present.

One thing is for sure — turnover costs a company. How much? Well, you may be surprised. The Department of Labor publishes a worksheet (www.dol.gov/cfbci/turnover.htm) that helps employers get an idea of how much it costs to replace an employee who leaves your organization. Once a company realizes the true cost of turnover, it can take steps necessary to stem the turnover tide.

Following is the worksheet published by the Department of Labor. Take a few minutes to fill it out. You might be surprised to see the true cost of employee turnover.

ESSENTIAL DATA

Employee's classification: _____________

Employee's hourly pay rate:___________

Employee's supervisor pay rate:_______

Corporate office staff pay rate (may be an average): ___________

HARD COSTS
Pre-Departure
Separation processing
Administrative time
Hours _____
x Wages $_____
= $________
Vacancy Costs
Coworker burden
Overtime; Added shifts
Hours _____
x Wages $_____
= $________
Hiring search firm or temp. agency
Hours _____
x Wages $_____
= $________
Developing advertisement(s)
Administrative time
Hours _____
x Wages $_____
= $________
Placing advertisement
Cost of advertising space(s)
Hours _____
x Wages $_____
= $________
Selection and Sign-On
Interviewing
Hours _____
x Wages $_____
= $________
Reference checking
Hours _____
x Wages $_____
= $________
Drug testing/psychological testing
Hours _____
x Wages $_____
= $________
Orientation & OJT
Hours _____
x Wages $_____
= $________
Total "Hard Costs" of Turnover
= $________
SOFT COSTS
Pre-Departure
Lost productivity of departing employee
Exiting employee performance at 50%-75%
Hours _____
x Wages $_____
= $________
Lost productivity of co-workers
Hours _____
x Wages $_____
= $________
Increased time discussing departure and organizational conditions
Increased workload for employees
Hours _____
x Wages $_____
= $________
Lost productivity of supervisor
Hours _____
x Wages $_____
= $________
During Vacancy
Lost productivity of vacant position
Overtime
Added shifts
Hours _____
x Wages $_____
= $________
Lost productivity of supervisor
Time spent filling in
Hours _____
x Wages $_____
= $________
Recruiting administration
Supervisor's time with Schedule changes/overtime
Hours _____
x Wages $_____
= $________
Selection and Sign-On
Lost productivity during training
Replacement requires Support/direction
Hours _____
x Wages $_____
= $________
Lost productivity of co-workers
Existing employees distracted
Hours _____
x Wages $_____
= $________
Lost productivity of supervisor
Hours _____
x Wages $_____
= $________
Total "Soft Costs" of Turnover
= $________
TOTAL COST OF TURNING OVER ONE EMPLOYEE
Hard Costs + Soft Costs
= $________
FORMULA FOR ANNUAL TURNOVER COST
Number of exiting employees ________
x cost of turnover
(hard + soft) $_________
= $________
author: By Joe Escobar


Featured Local Company

Bank of New York

502-566-6960
614 W Main St
Louisville, KY
http://www.bankofny.com