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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.
The turnover rate is the percentage of employees that leave a company in a given period of time and differs importantly from employee retention rate (see this post for more on retention). Typically companies are most interested in monthly or annual turnover rates.