The HR Dictionary
The total number of employees who leave a company over a specific time period is referred to as employee turnover. Both employees who leave on their own accord and those who are dismissed or laid off are counted as part of turnover.
Attrition and turnover are concepts that are connected to one another in the field of human resources and are frequently used interchangeably. Both phrases allude to the method by which workers depart from the company such as retirement, layoffs, moving jobs, and more.
Types of Employee Turnover
- Voluntary turnover - When an employee quits their position voluntarily, whether it's due to retirement, internal transfer, or finding a new employment, it's referred to as voluntary turnover. These turnovers cost firms more on average because they frequently result in the departure of a high-performing employee.
- Involuntary turnover - Another kind of turnover that takes place when a person is let go from a job is involuntary turnover. Employees may be fired for a variety of reasons, such as subpar work performance or inappropriate behavior.
HR management software are great tools to effectively track and manage employee turnover. It helps to maintain records which includes all the necessary information such as the reason for turnover, date of turnover, employee termination processes, and more. This information can then be easily accessed via HR Reporting & Analytics features of the HR software to identify trends and insights into employee turnover of the organization and make necessary strategic decisions. Usually, employee termination features are included as a part of the Recruitment Management features of HR software.