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Table 3 Illustrative Examples of the use of Turnover Costs Data

From: Reviewing The Benefits of Health Workforce Stability

a) Nurse Turnover Costs as a percentage of the paybill b) Cost Saving of reduction in Turnover
Turnover cost = 500 × 7% × $8000 = $280,000 [assumes turnover reduced from 7% to 5%]
Paybill = 500 × $20,000 = $10,000,000 Saving = 500 × (7%- 5%) × $8000 = $80,000
Turnover costs = 2.8% of paybill  
  1. Source: Author