Calculating your business' employee turnover rate helps to understand your overall staffing costs, particularly because it is costly to hire and train new staff. There are many websites available that explain, in depth, how to calculate the turnover rate, associated costs, and solutions for remedying a high turnover rate. However, the basic calculation for an annual turnover rate is quite straightforward:
# employees who left during the year
(# employees at start of year + # employees at end of year) / 2
Thinking about staff turnover is a major part of any human resource (HR) department, but it affects a company's bottom line. Here are some quick reads about staff turnover:
How Google Does HRThe large technology firm does most of it's business a bit differently; find out how they think of HR and staff retention to get your creative juices running about how to attract and keep top talent around.