Imagine you are advocating that your organization develop a new onboarding program. Using the details of the

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Question:

Imagine you are advocating that your organization develop a new onboarding program. Using the details of the program below, calculate the dollar amount of the orientation program's benefits, its costs, and its ROI. You will also need to calculate the amount of money saved from reduced turnover and the cost of the new hires' time spent in the orientation program in order to make the benefits, costs, and ROI calculations.

Onboarding Program Details

Length of Program = 8 hours
Capacity of Program = 4 employees per session
Number of New Full-Time Employees = 20
Full-Time = 40 hours/week = 2080 hours/year
Average New Hire Salary = $40,000
Cost of Turnover = $20,000
Current New Hire Turnover Rate = 15%
New New Hire Turnover Rate = 10%

Benefits of Onboarding Program

Savings from Reduced New Hire Turnover = ?
Savings from Decreased Time for New Hires to Perform Proficiently = $960,000

Costs of Onboarding Program

Total Development Costs = $500,000
Administration Costs per Session = $10,000
New Hire Time Spent = ?

ROI = ?

Calculate the Savings due to reduced turnover from the new onboarding program. Round answer to the 100th decimal place. You do not need to type the "$" symbol in your answer.