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Estimated annual savings on
Savings from Replacement Cost
₹ 0.0 cr.Savings from Loss of Productivity
₹ 0.0 cr.Total Impact on the Bottomline
₹ 0.0 cr.Attrition replacement cost is the expense of hiring a new employee to replace an existing one. Simply put, it’s the cost of recruitment and training a new employee, till he becomes productive.
Attrition replacement cost includes all expenses associated with hiring and training a new employee to replace someone who has left. It covers recruitment, interviews, onboarding, training, lost productivity and equipment costs. This total helps companies understand the financial impact of turnover and highlights the importance of employee retention.
The attrition replacement cost percentage can be determined using either of the following metrics:
1. Average cost of replacing an employee in the previous year, adjusted for inflation.
2. An industry standard from a reputable whitepaper.
To calculate the attrition replacement cost, use this formula:
Recruitment cost for hiring a new employee = [(Attrition Replacement Cost %) × (Average Daily Salary) × 365].
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