How To Calculate Employee Retention Rate in Blackbaud Financial Edge | Arithmix
Learn how to calculate employee retention rate in Blackbaud Financial Edge with our step-by-step guide. Improve your HR metrics and retain top talent in your organization.
Employee retention rate is an important metric for any organization to track. It helps to measure the percentage of employees who stay with the company over a certain period of time. In this article, we will discuss what employee retention rate is, when it is valuable to calculate, and how to calculate it.
What Is Employee Retention Rate?
Employee retention rate is the percentage of employees who remain with a company over a certain period of time. This metric is important for organizations to track because it helps to measure employee satisfaction and engagement. A high retention rate indicates that employees are happy with their jobs and are more likely to stay with the company long-term.
Calculating employee retention rate can also help organizations identify areas for improvement. For example, if the retention rate is low, it may indicate that there are issues with employee satisfaction or engagement that need to be addressed.
When Is It Valuable To Calculate Employee Retention Rate?
It is valuable to calculate employee retention rate at regular intervals, such as annually or quarterly. This allows organizations to track changes in retention over time and identify trends. It is also valuable to calculate retention rate when there are significant changes within the organization, such as a merger or acquisition, or when there are changes to employee benefits or policies.
Calculating employee retention rate can also be valuable when comparing the organization to industry benchmarks. This can help organizations identify areas where they may be falling behind or excelling compared to their competitors.
How to Calculate Employee Retention Rate
Calculating employee retention rate is a simple formula. First, determine the number of employees who were with the company at the beginning of the period being measured. Next, determine the number of employees who remained with the company at the end of the period. Finally, divide the number of employees who remained by the number of employees who were there at the beginning of the period and multiply by 100 to get the retention rate percentage.
For example, if a company had 100 employees at the beginning of the year and 90 employees at the end of the year, the retention rate would be calculated as follows:
(90/100) x 100 = 90%
In this example, the retention rate for the year would be 90%.
Overall, calculating employee retention rate is an important metric for organizations to track. It helps to measure employee satisfaction and engagement, identify areas for improvement, and compare the organization to industry benchmarks. By following the simple formula outlined above, organizations can easily calculate their retention rate and use the information to make informed decisions about their workforce.
How Do You Calculate Employee Retention Rate in Blackbaud Financial Edge
Blackbaud Financial Edge 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 Blackbaud Financial Edge 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 Blackbaud Financial Edge, 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 Blackbaud Financial Edge 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 Blackbaud Financial Edge 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