Calculating employee retention rate is an important metric for any business. It helps you understand how well you are retaining your employees and how satisfied they are with their work. In this article, we will discuss what employee retention rate is, when it is valuable to calculate it, and how to calculate it using ADP Workforce Now.
Employee retention rate is the percentage of employees who remain with a company over a certain period of time. It is a measure of how well a company is able to retain its employees and keep them engaged and satisfied with their work. A high retention rate indicates that employees are happy with their jobs, while a low retention rate may indicate that there are issues with the company culture or management.
Employee retention rate can be calculated for a specific period of time, such as a year, or for a specific group of employees, such as new hires. It is typically calculated by dividing the number of employees who remain with the company by the total number of employees at the beginning of the period, and then multiplying by 100 to get a percentage.
Calculating employee retention rate is valuable for businesses in a number of ways. It can help you identify areas where you may need to improve your company culture or management practices, and it can also help you understand how well you are retaining your top talent.
Employee retention rate can also be used as a benchmark to compare your company to others in your industry. If your retention rate is lower than the industry average, it may be an indication that you need to make changes to stay competitive.
ADP Workforce Now is a popular HR management software that can help you calculate employee retention rate. Here's how:
It's important to note that while ADP Workforce Now can help you calculate employee retention rate, it's up to you to analyze the data and take action to improve retention if necessary.
In conclusion, calculating employee retention rate is an important metric for any business. It can help you understand how well you are retaining your employees and identify areas where you may need to make improvements. By using ADP Workforce Now to calculate retention rate, you can get a better understanding of how your company is doing and take action to improve retention if necessary.
ADP Workforce Now itself isn’t naturally geared towards letting you calculate complex metrics like Employee Retention Rate. As an alternative, teams typically use products like Arithmix to import data from ADP Workforce Now and build out dashboards.
Arithmix is the next generation spreadsheet - a collaborative, web-based platform for working with numbers that’s powerful yet easy to use. With Arithmix you can import data from systems like ADP Workforce Now, combine it with data from other systems, and create calculations like Employee Retention Rate.
In Arithmix, data is organized into Tables and referenced by name, not by cell location like a spreadsheet, simplifying calculation creation. Data and calculations can be shared with others and re-used like building blocks, vastly streamlining analysis, model building, and reporting in a highly scalable and easy to maintain platform. Data can be edited, categorized (by dimensions) and freely pivoted. Calculations are automatically copied across a dimension - eliminating copy and paste of formulas.
Arithmix is fully collaborative, giving your entire team access to your numbers and the ability to work together seamlessly.
Calculating metrics like Employee Retention Rate is simple in Arithmix. Once you've created your free account, you’ll be able to import your ADP Workforce Now data, and use it to create natural language formulas for metrics like Employee Retention Rate.
Arithmix is designed to give you the power to build any calculations you want on top of your ADP Workforce Now data, while also being easy to use and collaborate on. You can share your dashboards with users inside and outside of your organisation, making it easy to empower your whole team.