The Retention 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 Retention Rate KPI?
Located in the Retention category of KPIs in the Analytics module, the Retention Rate KPI reflects a company's ability to retain its employees. The KPI extracts the percent of employees who stay with the company throughout a 12 month period. The KPI is calculated using a 12 month sliding window based on the selected month, with the following calculation:
The Retention Rate metric provides reflection on the success of your retention efforts and helps you plan for talent replacement. It's the ideal tool for tracking the root causes of a high turnover rate to identify possible problem areas that need fixing.
How to use Retention Rate KPI
Find out your company's retention rate and specifics about leavers and retained employees, 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 new employee 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 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, such as: "what is the retention rate of the Sales department?"
- 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 Salary Change KPI chart or graph as a .png or .svg file and the employee data as an .xls or .csv file.
Tips for optimizing the Retention 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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