✨ Don't miss out! Register for our Employee Appreciation Webinar scheduled for 29th February.🎖️
✨ Don't miss out! Register for our Employee Appreciation Webinar scheduled for 29th February.🎖️
Register now
.svg)
Glossary of Human Resources Management and Employee Benefit Terms
Let’s list down the key differences between employee turnover and attrition. Employee attrition and employee turnover are often used interchangeably, but they have subtle differences:
1. Definition
2. Voluntary vs. involuntary
3. Replacement timing
4. Nature of departure
5. Strategic considerations
Employee attrition is a situation where an employee departs from an organization and isn’t replaced for an extended period or not at all. This leads to a reduction in the workforce of a company or a specific department, as the vacant positions are not filled.
Let’s explore five distinct factors influencing employee attrition and provide insights on determining whether your company, department, or team may be susceptible to these influences.
Let’s list down the key differences between employee turnover and attrition. Employee attrition and employee turnover are often used interchangeably, but they have subtle differences:
1. Definition
2. Voluntary vs. involuntary
3. Replacement timing
4. Nature of departure
5. Strategic considerations
We'll explore common scenarios leading to attrition and provide insights into mitigating these challenges.
Here’s how a company can measure and track employee attrition rates:
Employee attrition can be calculated using a straightforward formula. The attrition rate is typically expressed as a percentage and is calculated over a specific period.
Here's a step-by-step breakdown:
Attrition Rate = (Number of Employees Departed/Average Number of Employees)x100
For example, if 10 employees left during a quarter, and the average number of employees during that quarter was 500, the attrition rate would be:
Attrition rate = (10/500) x 100 = 2%
This 2% attrition rate indicates that 2% of the workforce left during the quarter. Monitoring attrition rates over time helps organizations assess the health of their workforce and implement retention strategies as needed.
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
.svg)
.svg)
.svg)