Definition: Employee Turnover is the process of replacing workers with others for any reason. The percentage of employees which an organization has to replace within a time priod (year) is called ET rate.
There are considerable costs associated with replacing employees in any job, including administration, severance and legal costs for the person leaving the job/company as well as advertising, interviewing, hiring, training costs for the new employee. Also there may be a loss of productivity, talent and knowledge during the replacement process.
That's why employee retention is an important issue for any HR department.
More on retention: Bradford Factor, Brownout, Burnout, Employee Ghosting, Employee Loyalty, more...
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