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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.
by Rose Sneyd | 28 Nov 2012. Employee turnover means significant costs for employers, according to a recent research review by the Centre for American Progress. In fact, having reviewed 30 case studies, the authors found that it typically costs a business around 20% of an employeeâs salary to replace them.