The four variables above are added together to display a total annual amount.
The productivity savings multiplies the amount of employees, average yearly salary, the cost per benefits, and a 5% productivity gain.
The absenteeism savings multiplies the number of employees, the average annual salary, benefits costs, workdays per year, and the number of days of less absenteeism. The turnover savings multiplies the average salary, benefits costs, the current turnover rate, and the expected turnover reduction savings (66%).
Lastly, the onboarding savings takes into account all of the costs associated with onboarding, so it can get rather complex. First, we calculate the “onboarding savings per employee”, by getting the average employee salary, multiplied by benefits cost, divided by workdays per year, multiplied by 90 days of onboarding (according to strategists it takes 90 days to get fully onboarded) and a 15% increment in value. We then look at the average growth rate multiplied by the number of employees to show the new positions per year, and if you multiply the turnover rate by the number of employees, you’ll have the replacement employees per year.
Last part is getting the total amount of onboarding savings per employee and adding the costs associated with new positions and replacement employees per year and we give them the number — and this gives us a number around what AllVoices is likely to save you every year.
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