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 Workforce Stability category of People Insights, 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 Retention Rate KPI, and helps to plan for talent replacement. With information on both turnover 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 presets periods like last 6 months or entire company history. b. Custom Month Rage: select a From and To month from the calendar picker. *To select a single month click on the chosen month twice.
- Press on the Filter button to create a new filter so that you can focus on what is most important to you, for instance "what is the turnover rate in the Sales department?"
- Export your Turnover Rate KPI data to .xls or .csv file, and download the graph as a .png or .svg 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.
Need more help? If you're unsure about anything please send us a message through the chat icon below.