Employee turnover is the rate at which employees leave an organization and consequently, the rate at which new employees are hired to replace old ones. While change is the only constant in life, change because of employee turnover is something that no company looks forward to.
High employee turnover leads to additional costs for an organization in terms of recruitment and training costs. Hiring & training new workers is far more expensive & time-consuming than retaining existing employees by keeping them happy.
An organization has a low employee turnover rate when employees leave the organization infrequently. A high employee turnover is a bad sign for any organization. It is critical to assess the causes of employee turnover and address them.« Back to Glossary Index