Hourly Workforce COV Calculator

Calculation logic:

  • Gross lost productivity cost of position (A Harvard Business Review study revealed the financial impact of lost productivity, including retraining costs, was on average 3x the annual compensation of the position, regardless of level)
  • Assumes 240 working days per year, or 48 weeks, which when divided into lost productivity provides a gross cost-per-day financial impact
  • Assumes 70% of the lost productivity costs can be recouped by leveraging overtime and/or temporary staff, resulting in a net lost productivity cost
  • Takes into consideration the time required to fill a position and resulting net cost-per-day financial impact