Fill out data to Financial Impact

Fill out data to Financial Impact

Financial Impact has two methods for calculating the cost of losing an employee, namely Standard-cost calculation and Custom-cost calculation. Each method utilizes different variables that you can adjust to fine-tune the estimation of the forecast.

Below, you can find the variables required for each method and instructions on how to fill them in Woba.

Variables: Standard-cost calculation

- a: Average annual salary for the company (DKK)

- b: Average cost of losing an employee (in %)

Standard-cost

1. Navigate to Financial Impact > Calculator and select Standard-cost calculation.

2. Insert the amount (in DKK) for the average annual salary in your company.

3. Insert the value (in %) for the cost of replacing an employee.

4. Finally, fill in the desired information about staff turnover, sick leave, work-related injuries, and loss of earning capacity in the table below.

5. You are now ready to use the Standard-cost calculation.

Variables: Custom-cost calculation

With this calculation method, you can choose whether to base it on employee, department, or company level.

The instructions for filling in the information for each level are described below.

Custom-cost: Employee level

- a: Job level for all employees (entry, mid, senior).

- b: Average cost of losing an employee at each level (in %).

- c: Average annual salary for all employees (DKK).

1. Insert the amount (in DKK) for the average annual salary and select a job level for all employees. You can do this in the employee settings.

2. Then navigate to Financial Impact > Calculator and select Custom-cost calculation.

3. Choose Employee under the salary level.

4. Insert the value (in %) for the cost of replacing an entry-level, mid-level, and senior-level employee respectively.

5. Finally, fill in the desired information about staff turnover, sick leave, work-related injuries, and loss of earning capacity in the table below.

6. You are now ready to use Custom-cost calculation.

Custom-cost: Department level

- a: Job level for all employees (entry, mid, senior).

- b: Average cost of losing an employee at each level (in %).

- c: Average annual salary for all employee departments (DKK).

1. Select a job level for all employees. You can do this in the employee settings.

2. Insert the amount (in DKK) for the average annual salary for all departments that contain employees. You can do this in the department settings.

3. Then navigate to Financial Impact > Calculator and select Custom-cost calculation.

4. Choose Department under the salary level.

5. Insert the value (in %) for the cost of replacing an entry-level, mid-level, and senior-level employee respectively.

6. Finally, fill in the desired information about staff turnover, sick leave, work-related injuries, and loss of earning capacity in the table below.

7. You are now ready to use Custom-cost calculation.

Custom-cost: Company level

- a: Job level for all employees (entry, mid, senior).

- b: Average cost of losing an employee at each level (in %).

- c: Average annual salary for your company (DKK).

1. Select a job level for all employees. You can do this in the employee settings.

2. Navigate to Financial Impact > Calculator and select Custom-cost calculation.

3. Choose Company under the salary level.

4. Insert the amount (in DKK) for the average annual salary in your company.

5. Insert the value (in %) for the cost of replacing an entry-level, mid-level, and senior-level employee respectively.

6. Finally, fill in the desired information about staff turnover, sick leave, work-related injuries, and loss of earning capacity in the table below.

7. You are now ready to use Custom-cost calculation.