How To Calculate Employee Retention Rate in MultiView | Arithmix
Learn how to calculate employee retention rate in MultiView with our step-by-step guide. Discover the importance of tracking retention rate and how it can benefit your organization.
Employee retention rate is an important metric for any organization, as it measures 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 it, and how to calculate it in MultiView.
What Is Employee Retention Rate?
Employee retention rate is the percentage of employees who remain with a company over a certain period of time. It is an important metric for any organization, as it can provide insights into the company's culture, management, and overall employee satisfaction. A high retention rate indicates that employees are happy and engaged with their work, while a low retention rate may suggest issues with management, company culture, or employee satisfaction.
Employee retention rate can be calculated for a specific period of time, such as a year or a quarter, or for the entire duration of an employee's tenure with the company. It is typically calculated by dividing the number of employees who remain with the company by the total number of employees, and multiplying the result by 100 to get a percentage.
When Is It Valuable To Calculate Employee Retention Rate?
Calculating employee retention rate can be valuable in a number of situations. For example, it can help organizations identify areas where they may be losing employees, such as a particular department or location. It can also help organizations evaluate the effectiveness of their employee retention strategies, such as offering competitive salaries and benefits or providing opportunities for career growth and development.
Additionally, calculating employee retention rate can provide insights into the overall health of the organization. A high retention rate may indicate that the company has a strong culture and values its employees, while a low retention rate may suggest issues with management or employee satisfaction.
How to Calculate Employee Retention Rate in MultiView
To calculate employee retention rate in MultiView, follow these steps:
- Identify the period of time for which you want to calculate retention rate, such as a year or a quarter.
- Determine the number of employees who were employed at the beginning of the period.
- Determine the number of employees who were employed at the end of the period.
- Subtract the number of employees who left during the period from the number of employees who were employed at the beginning of the period.
- Divide the result by the number of employees who were employed at the beginning of the period.
- Multiply the result by 100 to get the retention rate as a percentage.
For example, if your organization had 100 employees at the beginning of the year and 90 employees at the end of the year, and 10 employees left during the year, the retention rate would be calculated as follows:
- Period of time: 1 year
- Number of employees at beginning of period: 100
- Number of employees at end of period: 90
- Number of employees who left during period: 10
- (100 - 10) / 100 = 0.9
- 0.9 x 100 = 90%
Therefore, the retention rate for the year would be 90%.
Calculating employee retention rate can provide valuable insights into the health of your organization and help you identify areas for improvement. By following the steps outlined above, you can easily calculate employee retention rate in MultiView and use the results to make informed decisions about your workforce.
How Do You Calculate Employee Retention Rate in MultiView
MultiView 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 MultiView 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 MultiView, 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 MultiView 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 MultiView 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