.svg)
Employee turnover is a significant expense for any business. The costs of replacing a single employee – from recruiting and training to lost productivity – can quickly add up. But what if you could significantly reduce that turnover with a simple, no-cost benefit like earned wage access (EWA)?Our earned wage access calculator, powered by DailyPay, helps you quantify the potential savings from offering EWA through the WinTeam ERP.
It shows you a clear return on investment by focusing on what matters most to your business: your bottom line.
How Our Employee Turnover Calculator Works
The calculator's logic is based on real-world data and demonstrates the financial benefits of EWA, including that employees who use earned wage access have a lower turnover rate than those who don't.*By inputting a few key figures, the calculator will show you:
- Improved Employee Retention: It highlights the difference in annual turnover rates between employees who are enrolled in EWA and those who are not. This key metric translates directly into a higher retention rate for your workforce.
- Reduced Turnover Costs: The calculator multiplies this improved retention rate by your average cost to replace an employee. The result is a clear, annualized cost savings figure, demonstrating how fewer employees leaving your company directly impacts your profitability.
By using this calculator, you can see exactly how utilizing EWA – which is a standard feature of TEAM Software's WinTeam ERP – can be a powerful tool for improving employee retention and delivering significant cost savings. This is a crucial step toward building a more financially resilient workforce.*Calculations are based on assumptions and annualized averages and are provided for informational purposes only. Actual results and savings may vary.
