How To Calculate Employee Retention Rate in AirTable | Arithmix
Learn how to calculate employee retention rate in AirTable with our step-by-step guide. Keep track of your team's turnover and improve your HR strategy today.
Employee retention rate is a crucial metric that helps businesses understand how well they are retaining their employees. Calculating this rate can be a bit tricky, but with the help of AirTable, it can be done easily and efficiently. In this article, we will discuss what employee retention rate is, when it is valuable to calculate it, and how to do so using AirTable.
What Is Employee Retention Rate?
Employee retention rate is a measure of how many employees stay with a company over a certain period of time. It is calculated by dividing the number of employees who stayed with the company by the total number of employees at the beginning of the period, and then multiplying the result by 100. This gives you a percentage that represents the percentage of employees who stayed with the company over that period of time.
For example, if a company had 100 employees at the beginning of the year and 90 of them stayed with the company throughout the year, the employee retention rate would be 90%. This means that 90% of the employees who started the year with the company stayed with the company for the entire year.
When Is It Valuable To Calculate Employee Retention Rate?
Calculating employee retention rate is valuable for several reasons. Firstly, it helps businesses understand how well they are retaining their employees. If the retention rate is low, it may indicate that there are issues within the company that are causing employees to leave. By identifying these issues, businesses can take steps to address them and improve retention.
Secondly, employee retention rate is a good indicator of employee satisfaction. If employees are happy with their jobs and the company they work for, they are more likely to stay with the company for a longer period of time. By tracking retention rate, businesses can get a sense of how satisfied their employees are and make changes to improve job satisfaction if necessary.
Finally, employee retention rate is important for financial reasons. It is often more cost-effective to retain existing employees than to hire and train new ones. By improving retention rate, businesses can save money on recruitment and training costs.
How to Calculate Employee Retention Rate in AirTable
Calculating employee retention rate in AirTable is simple. First, create a table that includes the following columns: employee name, hire date, and termination date (if applicable). Next, add a formula field that calculates the length of employment for each employee. This can be done using the DATETIME_DIFF function.
Once you have this information, you can calculate the retention rate for a specific period of time by filtering the table to only include employees who were hired during that period and then dividing the number of employees who are still with the company by the total number of employees who were hired during that period. This will give you the retention rate for that specific period.
Alternatively, you can calculate the overall retention rate for the company by dividing the total number of employees who are still with the company by the total number of employees who have ever worked for the company. This will give you a more general sense of how well the company is retaining its employees.
In conclusion, calculating employee retention rate is an important metric for businesses to track. By using AirTable, businesses can easily and efficiently calculate this rate and use it to improve employee satisfaction, retention, and financial performance.
How Do You Calculate Employee Retention Rate in AirTable
AirTable 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 AirTable and build out dashboards.
What is Arithmix?
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 AirTable, 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 Employee Retention Rate in Arithmix
Calculating metrics like Employee Retention Rate is simple in Arithmix. Once you've created your free account, you’ll be able to import your AirTable 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 AirTable 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.Use Arithmix free