How much can I save with FMSI?
FMSI Efficiency CalculatorHow are these numbers calculated?
First, we determine your institution’s total annual FTE hours. We do this by assuming each employee works 2,080 hours per year (40 hours per week * 52 weeks). We then multiply 2,080 by your total number of FTEs. For example, if you listed 50 employees, the total annual employee hours would be 104,000.
Next, we multiply your annual FTE hours by your hourly rate. In the case of 50 FTEs and an hourly rate of $15, the estimated annual labor cost would be $1,560,000.
* Finally, we took into account the percent of idle time in your annual labor cost, or the amount you could save utilizing the FMSI Branch Staff Reporting System and Scheduler. The default percentage, at 20 percent, would be a savings in the above example of $312,000 (or 20,796 idle time employee hours that can be redirected into more meaningful tasks).
Slide the savings percentage realized scale up and down to see the varying degrees of potential. We have had several clients realize an annual labor cost saving as high as 40% plus (learn more).
Is it possible your institution may have considerable potential to reduce staffing cost or redirect a significant amount of employee idle time into more meaningful tasks?
Request a free trial today
If you liked the above estimate, but would like a more in-depth understanding of your workforce optimization potential, let us prepare a custom report using your actual data. With this detailed data, we will determine your institution’s actual branch staff productivity and workforce optimization levels.
Here is how the trial works. After a business discussion to fully understand your unique situation, we will work with your IT team to get one month of teller transaction data (minimal effort required from your IT Department). Once we have this information, we run it against our proprietary system to produce a set of detailed performance management reports.
Here is a summary of what you will receive for the branches we process: