What is Employee Turnover?
Employee turnover is one of the most important HR metrics. It is often used to measure organization's ability to keep its employees and prevent them from leaving.
Employee turnover definition
Employee turnover is the term applied to the cycle of hiring and firing that happens within an organization. It is one of the most important metrics in data-driven recruiting. A company is said to have high employee turnover rates when their employees routinely leave or are fired, resulting in the need to hire again.
How to measure employee turnover
To calculate monthly employee turnover rates, divide the number of employees who left in that month and divide by the average number of active employees during the same time period.
How much is employee turnover costing me?
Employee turnover expenses can add up quickly since organizations pay direct exit costs whenever employees leave while usually recruiting and training new hires. Additional costs can arise from decreased productivity, knowledge loss, and lowered morale.
Find out how much employee turnover is costing you with this cost of employee turnover calculator.
Why is Employee Turnover important?
Employee turnover and employee retention are two related expressions. Today, retaining Millennials in the workplace has become an extremely hard task for HR professionals.
To be able to retain talent, every company should work on their Employer Branding and Employee Value Proposition strategies.