A company wants to know the rate at which employees voluntarily leave the firm. the company most likely needs to measure its turnover rate.
A “high” turnover rate is a completely subjective measure. Turnover rates vary wildly across different industries, so it’s impossible to use a one-size-fits-all percentage to determine if your company has a high turnover rate. To accurately gauge the severity of your turnover rate, compare your percentage to companies within your industry.
Turnover rate is defined as the percentage of employees who left a company over a certain period of time. It’s often described in relation to employee retention rate, which measures the number of employees retained from the beginning of a set period until the end.
There are two types of turnover. The first is voluntary turnover, or when employees choose to leave the company. The second is involuntary turnover, which happens when an employee is terminated by the employer. Involuntary separations or terminations occur when an employee consistently underperforms, undermines the productivity of their colleagues, no longer upholds the organization’s core values or detracts from the company culture.
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