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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.
Turnover Rate Example. For example, if ABC Plumbing started 2016 with 10 people, ended 2016 with 16 people, and had 6 people quit during 2016, their turnover rate is calculated by: 10 + 16 = 26; 26/2 = 13 = average number of employees; 6/13 = 46% = employee turnover rate; Anything over 20% is considered a very high turnover rate. The goal is to be 10% or less, depending on your industry. The Cost of Employee Turnover. SHRM estimates that the average cost per hired employee in the US is $4,129, plus it takes nearly 42 days to find them.