In addition to using this great tool from the Aging Update, you can find it on the LeadingAge National Workforce Website under “Tools.”
Use this calculator to figure out the cost of your turnover — download and do in Excel.
Helpful Background Information:
- Rule of thumb: the cost of replacing any employee is 25% of the salary amount
- Average turnover for home care agencies is between 40-60%
- Average turnover in nursing home for certified nursing assistants is between 40-70%
- Minimum direct cost of replacing a direct care worker is $2,500
- Indirect costs are individual to each organization, but include advertising, training, temporary help, lost productivity, etc.
- Example: An organization that averages 40 terminations per year is spending at least $100,000 (40 x $2,500= $100,000)
