It is very important to understand direct or indirect costs relevant to a vacancy. More like, relevant costing for vacancy. This helps in vacancy pricing and better business decisions.
This vacancy costs calculator is a ready to use HR metrics excel template. It computes vacancy costs or direct costs associated with vacancies in a company or organization. With the help of this template, you can easily segregate the amount of resources or capital you injected to sustain the period when the job or vacancy was not filled.
Meaning of vacancy cost
Vacancy cost concept is different from cost per hire metrics. ( If you have not checkout out the cost per hire excel template for HR personnel – check it out). So, the Vacancy Costs are those costs that are spent in the form of overtime, outsourcing, temporary jobs, etc. during the time the post is vacant to complete the work.
Formula To Calculate Cost Per Vacancy
Cost per vacancy is also known as CPV. It is computed by evaluation of vacancy costs and dividing the same by number of vacant position.
CPV = Vacancy Costs / No. Of Vacant Positions
Hence, this gives us an average cost figure for each vacant position. To compute the vacancy costs, it includes –
- Cost of temporary workers
- Independent contractors
- Temporary outsourcing
- Overtime during vacancy period
We must subtract the normal pay or wages in the vacant position from the above figures to obtain absolute value of Vacancy cost incurred.
Download and use vacancy cost calculator excel template
To use this free vacancy cost calculator excel template, you should have Microsoft Office/ Microsoft Excel installed in your system. You must also have the remuneration information, cost of vacant posts to compute it.
Once extracted, you can open the file using Excel and start entering data or customizing the template. You can customize the currency, color scheme, fields in this template as per your requirement.