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Employee turnover is the process of replacing one worker with another for any reason. A turnover rate is the percentage of employees that a company must replace within a given time period. This rate is a concern to most companies because employee turnover can be a costly expense, especially for lower-paying jobs, which typically have the highest turnover rates.
Rethinking Employee Turnover. For decades, experts in talent management have emphasized the costs that are produced by turnover. It is usually said that depending upon the complexity of the job and the level of management, the cost of turnover can equal anywhere from one monthâs to several yearsâ salary for a departing employee. The more complex the job and the higher level of the job, the greater the cost.