How To Calculate Employee Voluntary Retention Rate in Paycom | Arithmix
Learn how to calculate employee voluntary retention rate in Paycom with our step-by-step guide. Discover the importance of this metric and how it can help you improve your organization's employee retention strategies.
Employee voluntary retention rate is an important metric that helps businesses understand how well they are retaining their employees. It is calculated by dividing the number of employees who voluntarily left the company by the total number of employees in the organization. This rate is expressed as a percentage and can be calculated on a monthly, quarterly, or annual basis. In this article, we will discuss what employee voluntary retention rate is, when it is valuable to calculate, and how to calculate it in Paycom.
What Is Employee Voluntary Retention Rate?
Employee voluntary retention rate is the percentage of employees who leave the company voluntarily, either by resigning or retiring, during a specific period of time. This metric is important because it helps businesses understand how well they are retaining their employees. High employee turnover can be costly for businesses, as it can lead to increased recruitment and training costs, decreased productivity, and decreased morale among remaining employees. By calculating employee voluntary retention rate, businesses can identify areas where they need to improve their employee retention strategies.
When Is It Valuable To Calculate Employee Voluntary Retention Rate?
It is valuable to calculate employee voluntary retention rate on a regular basis, such as monthly, quarterly, or annually. This allows businesses to track changes in their retention rates over time and identify trends. For example, if a business notices a sudden increase in employee turnover, they can investigate the cause and take steps to address it before it becomes a larger problem. Additionally, businesses can use employee voluntary retention rate as a benchmark to compare their retention rates to industry standards or competitors.
How to Calculate Employee Voluntary Retention Rate in Paycom
To calculate employee voluntary retention rate in Paycom, you will need to gather data on the number of employees who left the company voluntarily and the total number of employees in the organization during a specific period of time. This data can be found in Paycom's HR software.
Once you have this data, follow these steps to calculate employee voluntary retention rate:
- Divide the number of employees who left the company voluntarily by the total number of employees in the organization during the same period of time.
- Multiply the result by 100 to get the percentage.
For example, if 10 employees left the company voluntarily out of a total of 100 employees during a quarter, the employee voluntary retention rate would be:
(10 / 100) x 100 = 10%
By regularly calculating employee voluntary retention rate in Paycom, businesses can identify areas where they need to improve their employee retention strategies and take steps to address them.
How Do You Calculate Employee Voluntary Retention Rate in Paycom
Paycom itself isn’t naturally geared towards letting you calculate complex metrics like Employee Voluntary Retention Rate. As an alternative, teams typically use products like Arithmix to import data from Paycom 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 Paycom, combine it with data from other systems, and create calculations like Employee Voluntary 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 Voluntary Retention Rate in Arithmix
Calculating metrics like Employee Voluntary Retention Rate is simple in Arithmix. Once you've created your free account, you’ll be able to import your Paycom data, and use it to create natural language formulas for metrics like Employee Voluntary Retention Rate.
Arithmix is designed to give you the power to build any calculations you want on top of your Paycom 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