These are some of the Business calculators which can be used on a daily basis to know different parameters which could play an essential role in your company and increase the depth of overall productivity to measure different values of various sectors.
1. Cost Per Hire:
A recruiting metric called cost per hire counts the expenses incurred during the employment of new personnel. These include charges for onboarding, referral bonus programs, sourcing and recruitment advertising, and other expenses. For instance, if you recruit 50 people for the year and invest an anticipated $100,000 in the hiring process each year, your cost per hire will be $2,000 in this scenario. It’s a great way to determine whether your hiring procedure is optimal in the context of your field and job requirements. The formula used is :
You may optimise your recruitment budget and hiring process overall by calculating your cost per hire. To acquire a precise picture of your organization’s cost per hire, be careful to keep track of both internal and external expenses. When determining cost per hire, it is important to take into account a number of factors, including the role being recruited for, the demand for the talent, and the size of a company. You can click on the button below to use this calculator.
Cost Per Hire Calculator
2. Turnover Calculator:
One essential task of human resources is tracking turnover. In order to identify and eliminate the causes of turnover, businesses want to keep an eye on the exit of employees from the company. One of the numerous measurable ways the HR department can have an impact on the bottom line is through managing turnover. This parameter measures how frequently workers leave the company or are fired, necessitating the hiring of replacement workers. Calculate your company’s turnover rate using the tool below.
Turnover Rate Calculator
3. Absentee Rate:
The frequency of unscheduled absences brought on by illness or other reasons is known as the absenteeism rate, absence rate, or absence percentage. A person, a team, or the entire organisation can have their absenteeism rate measured. Each number provides details on the organization’s health. You can refer to the example for the same that is provided below. Last year there were a total of 100 employees and they collectively took 170 unscheduled days off. Absentee Rate = 120 / 100 Absentee Rate = 1.2 For information on your company’s absentee rate, click on the button below.
Absentee Rate Calculator
4. Employee Return Calculator:
This measures the difference between the revenue and expense each employee produces. This formula is a little more complicated because it first calculates the typical staff cost before understanding how to calculate employee return. You can refer to the example for the same that is provided below. Example: Last year there were a total of 100 employees. Discount Purses, Inc. spent a total of $400,000 on employees and earned a total revenue of $2,000,000. Employee Return = ($2,000,000 / 100) / ($400,000 / 100) Employee Return = 5 This means that for every $1 spent on an employee the company earned $5. Calculate your company’sEmployee’s return using the tool below.
Employee Return Calculator