Time-to-Fill Cost Calculator

See what each open position costs your business. Enter the role's salary, estimated value, and days open. The workbook calculates the net cost of each vacancy, the total across all open roles, and what hiring faster could save.

A working model with the structure in place

Start with your working days per year and benefits as a percent of salary. Then enter each open role's salary, value multiplier, days open, and any coverage cost. The workbook calculates the role's daily value, value lost during the vacancy, loaded pay saved, and net vacancy cost. You can see the results for each role and a running total. The one-page Summary totals every open role, shows average days open and net cost per day, and estimates what reducing time to fill would save. The Benchmark tab includes time-to-fill and cost-of-vacancy figures from SHRM and public research. The workbook opens with a worked example so you can follow the calculations before entering your own figures.

What an open position really costs

The cost of an open position comes down to three things: the value the employee would have produced, the pay and benefits saved during the vacancy, and any additional coverage costs. The workbook accounts for all three. For a role that produces roughly the value of its pay, the net cost can be small or even negative. The value multiplier is the main assumption you choose. Start around 1.0 for support roles and use a higher figure for revenue-generating or hard-to-cover positions. Apply the same approach across roles for a fair comparison. The net cost per day shows approximately how much each day you reduce time to fill could save across your open roles.

Built for

• Talent acquisition and HR leaders building a financial case for faster hiring, with vacancy costs calculated role by role.
• Finance and HR partners comparing the savings from faster hiring with the coverage and overtime costs of longer vacancies.
• Hiring managers and operators showing the financial impact of open positions using actual roles and days vacant.

The Recruiter Capacity Planner estimates how many recruiters you need to fill open roles faster. To compare faster hiring through an outside agency or your own recruiters, see the Agency vs Internal Recruiter ROI Calculator.

Before you buy

What format is it, and can I edit it?

You receive one Excel workbook that also works in Google Sheets. The download includes five files: the workbook, a Start Here, the one-page Quick Reference, the product license, and a short guide to using it in Google Sheets. Every input and formula is editable. Insert rows to add roles, or duplicate the file to calculate costs for another set of openings. Your download link is available immediately after checkout, with the same link emailed on your receipt.

What does the paid workbook do that a free calculator does not?

See every open role on one sheet, with total value lost after saved pay and the net cost per day. The board-ready summary estimates savings from reducing time to fill by a set number of days. The sourced Benchmark tab provides reference figures, and every formula is editable so you can adjust value multipliers and update the file as openings change. The quick browser estimate calculates the cost of one role. This workbook covers every open role at once.

How do I set the value multiplier?

The value multiplier represents how much annual value a role produces for each dollar of salary. For support roles, start near 1.0. At that level, the value produced is roughly equal to pay, so a vacancy roughly breaks even against salary savings. Use higher multipliers for revenue-generating or hard-to-cover roles. The Benchmark tab puts revenue roles at 1.5 to 3 times pay. Apply multipliers consistently so you can compare roles fairly.

What is the refund policy?

Digital products are covered by a 30-day money-back guarantee. To request a refund, email support@truestephr.com or reply to your receipt within 30 days of purchase. Questions? Email support@truestephr.com.

The value multiplier has the greatest effect on these planning estimates. Choose conservative multipliers and apply them consistently across roles. Treat the results as a floor when estimating the cost of open positions.

How the download works

Your files arrive as a single ZIP download, best opened on a computer. Save it, extract it (right-click and select Extract All on Windows, or double-click on a Mac), then open the Start Here file first. PDFs open in any reader, and editable files work in Microsoft Excel or free equivalents, including LibreOffice and Google Sheets. No other software is needed. Step-by-step help for every device is at truestephr.com/pages/download-help.

Scope

This planning and analysis model produces estimates based entirely on the inputs and assumptions you enter. Use those estimates to support decisions, rather than as accounting, tax, or legal conclusions. Check the assumptions against your own data. Have qualified counsel review decisions involving pay, headcount, or separation against applicable law before acting. General information, not legal, tax, or financial advice.