The Employee Onboarding Cost Calculator
Try our onboarding cost calculator to see how much you can save on employee onboarding costs today with AcademyOcean LMS
Try our onboarding cost calculator to see how much you can save on employee onboarding costs today with AcademyOcean LMS
Using our calculator below
New Еmployee(s) Cost
$
Average salary per hour
Number of hours of training
Our calculator will help you understand the much-needed approximate budget for onboarding in your company, taking into account the adaptation period and the salary of the onboarding specialist.
With this basis, you can supplement the calculations with other important parameters specific to your industry. In the ever-evolving landscape of the business world, every industry has its unique demands for employee onboarding. Therefore, it's crucial to tailor your onboarding process to align with the standards and practices of your specific industry.
Consider your company size, existing processes, and any other factors that can significantly impact the efficiency and effectiveness of your onboarding efforts. Let's find out what else to consider optimizing your hire and onboarding procedures.
Usually, companies start thinking about automation only after they actually calculate the cost of onboarding new employees and hiring in general, which is measured using a hiring cost calculator.
If you're here, you're already on the right track. Keep in mind all the necessary parameters that will help you make the right conclusions!
Key factors influencing the cost of onboarding:
Company size
Organizational structure
Personal or remote onboarding
Creating a new role or replacing an employee
Number of people involved
Introductory Resources
The size of the company directly impacts the cost of employee onboarding. For example, the larger the company:
• The more stages in the onboarding process
• More employees involved in the adaptation
• More information for newcomers to learn.
The list goes on and on. And that's one of the reasons why large companies are more likely to use special platforms for onboarding automation.
A clear organizational structure has no more effect on your cost calculations than it does on your cost savings. If your company has clearly defined roles & responsibilities and documented SOPs, you will save at least half of onboarding costs.
What is your company's hiring and onboarding format: face-to-face, virtual, or blended?
With face-to-face onboarding, keep in mind the additional costs associated with moving or renting and accordingly paying for mentor time.
Online adaptation will significantly reduce costs, especially since modern platforms let you not only create courses and tests but also conduct video calls with employees.
In each case, training is an integral part of the process. You can use the Training Cost Calculator to dig deeper into these costs.
Consider all involved employees' time (salary) when calculating the onboarding cost. Usually, HR, managers, and coworkers come to mind.
But in fact, the range of people involved is much wider: security officer, financial department, IT specialist, office manager, and those who will create the learning materials.
By the way, if you are working not only on corporate programs but also creating your own courses, you may find the Online Course Earnings Calculator helpful.
When creating a new role, don't forget to budget time and resources for developing an onboarding program and training content.
Depending on the position, it can take anywhere from 2 weeks to 12 months of training for a new employee to become at least as productive as colleagues.
Finally, having an internal knowledge base, SOPs, job descriptions, etc., greatly impacts costs. An online knowledge base can help you avoid paperwork and save managers time. After all, you can use ready-made resources for every next new hire.
AcademyOcean LMS will provide all the tools to create an onboarding program: personal employee profiles, progress map, online courses, and knowledge assessment quizzes.
The Onboarding Cost Calculator is a tool AcademyOcean provides that allows you to estimate the cost of onboarding a new employee. With this calculator, you can input key factors such as the number of people you plan to hire, the average monthly salary of an onboarding specialist, and the number of days required for onboarding one employee. It computes the onboarding cost, providing you with valuable insights into the cost of onboarding new hires in your organization.
You can use our Onboarding Cost Calculator to calculate the average training cost per employee. Input the number of people you plan to hire, the average monthly salary of an onboarding specialist, and the number of days required for onboarding one employee. The calculator will then determine the cost of onboarding per employee, including training expenses. It's a convenient way to understand your onboarding costs per new hire clearly.
Calculating onboarding costs is made easy with our Onboarding Cost Calculator. Simply enter the number of people you plan to hire, the average monthly salary of your onboarding specialist, and the duration required for onboarding one employee. The calculator will provide you with an estimate of the onboarding cost, helping you make informed decisions about your onboarding budget.
Yes, the Onboarding Cost Calculator AcademyOcean provides is completely free to use. We offer this valuable tool to help businesses and organizations estimate employee onboarding costs accurately. It's a user-friendly and cost-effective way to plan your onboarding budget.
The AcademyOcean Onboarding Cost Calculator is a valuable resource for businesses of all sizes and industries. HR professionals, managers, and decision-makers involved in the onboarding process can benefit from this tool. It helps you gain insights into the cost of onboarding new hires, allowing for better financial planning and optimising your onboarding processes. Whether you're a small startup or a large corporation, our calculator can assist you in managing your onboarding costs effectively.
