Ways to measure employee turnover
In general, industries can expect an employee turnover rate of nearly 19%2. Measuring employee turnover is essential for organizations to identify trends and develop strategies to retain their employees:
- Separation rate: the number of employees who leave the organization divided by the average number of employees during a specific period.
- Turnover cost: the monetary cost associated with recruiting, hiring, and training new employees to replace those who have left.
- Retention rate: the percentage of employees who stay with the organization over a given period of time.
- Time-to-fill: the amount of time it takes to fill a vacant position with a new employee.
- Exit interview: a survey conducted with employees who are leaving the organization to gather feedback on their experience and reasons for leaving.