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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.
3 [Employee Turnover Rate] | What is a Healthy Employee Turnover Rate? When used in a business sense, the term âhigh turnover rateâ can take on one of two meanings. In human resources terms, employee turnover refers to the rate at which employees leave jobs in a company and are replaced by new hires. In the sales department, inventory turnover refers to the rate at which inventory is sold and replaced.