Employee turnover, also known as employee attrition, is the rate at which employees leave a company and are replaced.
Employee turnover rate, also known as employee attrition rate, is the rate at which employees leave a company and need to be replaced by new hires.
The formula for employee turnover rate is:
Employee Turnover Rate = (Number of Employees who Left / Average Number of Employees) × 100
Keep in mind though, that certain industries naturally have higher turnover rates than others.
There are a number of steps you can take to improve employee turnover rate including:
1) Improving your hiring and onboarding process
2) Offering competitive compensation and benefits
3) Creating pathways to promotion and skill growth
4) Facilitating work-life balance
5) Offering recognition and rewards
The cost of employee turnover includes offboarding costs, recruitment costs, lost productivity costs, as well as impacts on employee morale. Input your organization's numbers above to learn the cost!