The Turnover Rate KPI is one of a set of vital HR KPIs we have created in bob to help you track and analyze your organizational HR objectives, and optimize processes such as workplace management, employee programs, and more.
What is the Turnover Rate KPI?
Located in the Retention category of KPIs in the Analytics module, the Turnover Rate KPI refers to the percentage of employees who leave the company (voluntarily or involuntarily) over a period of time. The KPI is calculated using a 12 month sliding window based on the selected month. First the average number of employees is calculated for the selected 12 month period:
Then the Turnover KPI is calculated using the average number of employees calculated above:
The Turnover Rate metric indicates how successful your retention efforts are and along with the Attrition Rate and Retention Rate KPIs, helps to plan for talent replacement. With information on turnover, attrition and retention you can identify high turnover and its root causes, so you can take action to lower turnover and thereby save the substantial costs of recruiting and training new employees.
How to use Turnover Rate KPI
Find out your company's turnover rate and specifics about new joiners and leavers, and filter according to your needs. Data is displayed for each month in the selected time range.
- Select the period for which you would like to view turnover data in the date field, in one of two ways: a. Preset Range: choose between preset periods like last 6 months or entire company history. b. Custom Month Range: select a From and To month from the calendar picker. *To select a single month click on the chosen month twice.
- Select the time period to view data for. You can choose between monthly, quarterly and yearly.
- Slice, dice and filter your data using the Grouped By and Filter drop-downs to focus on what is most important to you, for instance "what is the turnover rate in the Sales department?"
- Select to view the 12 rolling months turnover rate overlay, or remove it using the legend below the chart.
- Click view more details in any chart to see all of the included employee data, and use the column picker to customize the information you see.
- Export your Time Taken KPI chart or graph as a .png or .svg file and the employee data as an .xls or .csv file.
Tips for optimizing the Turnover Rate KPI data
- Make sure your employees' start and end dates are correct.
- Make sure you have permissions to view the work and lifecycle categories of other employees.
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