How To Calculate Employee Voluntary Retention Rate in Sage 50 | Arithmix

Employee voluntary retention rate is an important metric that measures the percentage of employees who choose to stay with a company over a certain period of time. It's a valuable tool for businesses to understand their employee turnover rates and identify areas for improvement. In this article, we'll discuss what employee voluntary retention rate is, when it's valuable to calculate it, and how to calculate it in Sage 50.

What Is Employee Voluntary Retention Rate?

Employee voluntary retention rate is the percentage of employees who choose to stay with a company over a certain period of time. It's 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 metric only includes employees who voluntarily chose to stay with the company, and excludes those who were terminated or laid off.

For example, if a company had 100 employees at the beginning of the year and 90 of them chose to stay with the company at the end of the year, the employee voluntary retention rate would be 90%.

When Is It Valuable To Calculate Employee Voluntary Retention Rate?

Employee voluntary retention rate is valuable to calculate for a number of reasons. Firstly, it can help businesses identify areas where they may be losing employees and take steps to improve retention. This can include improving employee benefits, offering more opportunities for career development, or addressing any issues that may be causing employees to leave.

Secondly, employee voluntary retention rate can also be used to benchmark a company's performance against industry standards. This can help businesses understand how they compare to their competitors and identify areas where they may need to improve.

How to Calculate Employee Voluntary Retention Rate in Sage 50

To calculate employee voluntary retention rate in Sage 50, you'll need to gather data on the number of employees who stayed with the company over a certain period of time. This can be done by running a report in Sage 50 that shows the number of employees at the beginning of the period and the number of employees at the end of the period.

Once you have this data, you can calculate employee voluntary retention rate 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.

It's important to note that employee voluntary retention rate is just one metric that businesses can use to measure employee turnover. Other metrics, such as involuntary turnover rate and total turnover rate, should also be considered to get a complete picture of employee turnover.

In conclusion, employee voluntary retention rate is an important metric that can help businesses understand their employee turnover rates and identify areas for improvement. By calculating this metric in Sage 50, businesses can gather valuable insights into their employee retention strategies and make data-driven decisions to improve retention rates.

How Do You Calculate Employee Voluntary Retention Rate in Sage 50

Sage 50 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 Sage 50 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 Sage 50, 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 Sage 50 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 Sage 50 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.