TURNOVER
Turnover
Turnover refers to the rate at which employees leave a company and are replaced by new ones. It encompasses all departures, both voluntary such as resignations, retirements; and involuntary such as layoffs, terminations.
Reasons for turnover
- Voluntary: Dissatisfaction from work due to pay, benefits, culture, workload, career aspirations, personal reasons
- Involuntary: Layoffs due to economic factors, restructuring, performance issues
Impact of turnover
- Costs: Training new employees, lost productivity, disruption to workflows, damage to morale
- Performance: High turnover can negatively impact customer service, innovation, and overall organizational success.
Turnover can be managed by
- Analyzing data on why employees leave can help identify areas for improvement.
- Addressing employee concerns, fostering engagement, providing growth opportunities
- Selecting the right candidates who are likely to stay with the company.