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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.
Calculating retention and turnover is just the first step in determining employee stability. These rates do not tell the whole story. The following retention, turnover, and tenure calculation formulas are simple and effective methods to determine who is leaving, when, and under what circumstances.