Employee turnover is a measure of the rate at which employees leave an organization and are replaced by new employees. It is typically expressed as a percentage of the total number of employees. High employee turnover can be costly for an organization, as it can lead to decreased productivity and increased recruitment and training expenses.
There are two types of employee turnover: voluntary and involuntary turnover. Voluntary turnover refers to employees who leave an organization of their own accord, such as resigning or retiring. Involuntary turnover refers to employees who are terminated or laid off by the organization.
It is important to note that Employee turnover rate can be calculated in different ways, for example, using the formula:(number of separations during a period / average number of employees during the same period) x 100
or
(number of separations during a period / average number of employees at the beginning of the period) x 100
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