Developing an effective Turnover Rate metrics can be intimidating, especially when your daily duties demand your attention. To assist you, we've curated a list of examples to inspire your planning process.
Feel free to copy these examples into your favorite application, or leverage Tability to maintain accountability.
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While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI metrics generator below to generate your own strategies.
This is calculated by dividing the number of employees who left during a period by the average number of employees during that period, then multiplying by 100
What good looks like for this metric: 10-15%
Ideas to improve this metric
Enhance employee engagement programmes
Improve career development opportunities
Conduct regular employee feedback sessions
Competitive salary and benefits packages
Strengthen company culture and values
2. Voluntary vs Involuntary Turnover
Compares employees who voluntarily resigned versus those who were terminated
What good looks like for this metric: Higher voluntary turnover indicates employee dissatisfaction
Ideas to improve this metric
Analyse exit interviews for patterns
Identify root causes for turnover
Address workplace grievances promptly
Implement employee retention strategies
Regularly assess job satisfaction levels
3. Average Employee Tenure
Measures the average length of time employees stay with the company
What good looks like for this metric: 3-5 years
Ideas to improve this metric
Provide ongoing training and development
Offer clear career progression paths
Recognize and reward long-term employees
Encourage internal mobility
Build strong leadership and management
4. Cost of Employee Turnover
Calculates the cost associated with losing and replacing employees, including recruiting, training, and loss of productivity
What good looks like for this metric: Typically 33% of an employee's annual salary
Ideas to improve this metric
Invest in effective hiring processes
Use retention strategies to reduce turnover
Improve onboarding processes
Foster a positive work environment
Regularly review compensation strategies
5. New Hire Turnover Rate
Monitors the percentage of new employees who leave within a specific period, usually within the first year
The percentage of employees who leave the company during a certain period of time, calculated by dividing the number of employees who leave by the average number of employees and multiplying by 100
What good looks like for this metric: 10-15%
Ideas to improve this metric
Enhance employee engagement programmes
Improve internal communication
Offer competitive salaries and benefits
Create a clear career progression path
Regularly review and improve company culture
2. Time to Hire
The average number of days it takes from when a job opens until an offer is accepted, indicating the efficiency of the hiring process
What good looks like for this metric: 40-50 days
Ideas to improve this metric
Streamline the interview process
Utilise applicant tracking systems
Enhance job descriptions
Build a talent pipeline
Increase employer branding
3. Employee Engagement Rate
The level of employee commitment and involvement towards their organisation, typically measured through surveys and engagement scores
What good looks like for this metric: 70-80%
Ideas to improve this metric
Regularly conduct employee surveys
Offer professional development opportunities
Recognise and reward employees
Foster a positive work environment
Encourage regular feedback sessions
4. Absenteeism Rate
The percentage of workdays employees are absent, calculated by dividing the number of days missed by the total number of workdays available
What good looks like for this metric: 1.5-3%
Ideas to improve this metric
Implement wellness programmes
Improve workplace conditions
Address potential causes of stress
Provide flexible work options
Promote a healthy work-life balance
5. Training Cost Per Employee
The amount of money spent on training each employee, including materials, time, and any external training sessions
What good looks like for this metric: $1,000-$1,500
Ideas to improve this metric
Evaluate the effectiveness of existing training programmes
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