How To Calculate Employee Retention Rate in MS Dynamics | Arithmix
Learn how to calculate employee retention rate in MS Dynamics with our step-by-step guide. Discover the importance of tracking employee retention and how it can benefit your organization. Start improving your HR strategy today.
Employee retention rate is an important metric for any organization to track. It measures the percentage of employees who remain 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 it, and how to calculate it using MS Dynamics.
What Is Employee Retention Rate?
Employee retention rate is a measure of how well a company is able to retain its employees. It is calculated by dividing the number of employees who remain with the company over a certain period of time by the total number of employees at the beginning of that period. For example, if a company had 100 employees at the beginning of the year and 90 of them remained with the company at the end of the year, the employee retention rate would be 90%.
Employee retention rate is an important metric because it can help companies identify potential issues with employee satisfaction, engagement, and turnover. A low retention rate may indicate that employees are not happy with their work environment, compensation, or opportunities for growth and development.
When Is It Valuable To Calculate Employee Retention Rate?
Employee retention rate is valuable to calculate at any time, but it is particularly useful when a company is experiencing high turnover or when it is trying to improve its employee engagement and satisfaction. By tracking employee retention rate over time, companies can identify trends and patterns that may indicate areas for improvement.
Employee retention rate is also valuable to calculate when comparing the performance of different departments or teams within a company. For example, if one department has a significantly higher retention rate than another, it may indicate that the first department has better leadership, work culture, or opportunities for growth and development.
How to Calculate Employee Retention Rate Using MS Dynamics
To calculate employee retention rate using MS Dynamics, you will need to gather data on the number of employees who have left the company and the total number of employees at the beginning of the period you are measuring. This data can be found in the HR module of MS Dynamics.
Once you have this data, you can use the following formula to calculate employee retention rate:
Employee Retention Rate = ((Total Number of Employees at End of Period - Number of Employees Who Left During Period) / Total Number of Employees at Beginning of Period) x 100%
For example, if a company had 100 employees at the beginning of the year, 10 employees left during the year, and 90 employees remained at the end of the year, the employee retention rate would be:
((90 - 10) / 100) x 100% = 80%
By tracking employee retention rate using MS Dynamics, companies can gain valuable insights into their workforce and make data-driven decisions to improve employee engagement, satisfaction, and retention.
How Do You Calculate Employee Retention Rate in MS Dynamics
MS Dynamics 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 MS Dynamics 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 MS Dynamics, 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 MS Dynamics 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 MS Dynamics 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