Chances are staffing shortages are impacting your organization. If you’ve never had a chance to stop and calculate what these things are costing you, you might want to do that! And something tells me you are going to be shocked when you add it up! Just don’t fall out of your chair when you do. The cost of OT, Agency, time for interviewing, hiring, orientation days, training days, open rooms/apartments, less engaged staff who are burned out, the list goes on and on.
To help you figure out your real costs, we have created a worksheet for you to calculate and total all of those factors. Although you could do your own worksheet, it’s nice to have a worksheet all ready for you. It’s going to ask you time that you spend on various hiring related activities. How many hours a month are you using up on these things? Then you’re going to multiply that number by your hourly rate. I don’t want you to do that now because I want you to be paying attention, and the worksheet will make it much easier.
I also want you to do this exercise with your leadership team or anybody involved in hiring in any way. Let them calculate their time and then multiply it by their hourly rate. When they do that THEY will also be shocked and falling out of their chair! But the good part is, when they feel that punch in the gut of this information they are going to want to change. They are going to realize that they have no choice but to change how you have always done things! Because sometimes people will complain to you about how they want a different outcome, such as less overtime or lower turnover, but they don’t work on finding solutions. Doing this worksheet with them will make them want to be part of the solution!
Click here to download this free worksheet and try it with your teams. In return I ask just one favor, let us know if you link the free resource. Our online program will be featuring this measurement tool and before we launch the new program it would be nice to get your feedback.
Written by Drive President, Denise Boudreau-Scott.