What is a good employee turnover rate and why is it so important?įor jobs with in-demand skills, or positions where training and recruitment are lengthy and costly, high turnover can become a problem. It can also help improve the employee experience. Seeing specific metrics and turnover statistics can be particularly helpful to companies as an indicator of their management effectiveness. This covers all staff departures, from voluntary turnover - including retirees and resignations to involuntary turnover such as redundancies. ![]() It refers to the number of employees who leave a company over a certain period of time - usually a year. ![]() If a company has an employee retention rate of 75% it means that 75% of their workforce has been in post for more than one year.Įmployee turnover is the other side of the coin. This is then taken as a percentage of the overall staff. It’s usually recorded as the percentage of full-time employees with a certain length of time at the same company. What is employee retention and turnover?Įssentially, employee retention is the rate at which companies and organizations keep their employees measured. Here, we dig into exactly what employee turnover and retention are, and what they mean for companies’ workplaces, employee satisfaction, and the bottom line. This means industries are experiencing a shake-up in their workforce which is impacting their employee turnover and employee retention rates. The COVID-19 pandemic has caused many employees to seek a new job. ![]() At TravelPerk, we understand how important it is to hire the right staff and keep them. Hiring top talent and high-performing employees is the lifeblood of any company.
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