How To Calculate Employee Voluntary Retention Rate in Workday | Arithmix

Learn how to calculate employee voluntary retention rate in Workday with our step-by-step guide. Discover the key metrics and insights you need to improve employee retention and boost your organization's success.

Employee voluntary retention rate is an important metric that helps organizations measure how well they are retaining their employees. It is a measure of the percentage of employees who choose to stay with the company voluntarily, rather than leaving for other opportunities. Calculating this rate can help organizations identify areas where they need to improve in order to retain their employees better. In this article, we will discuss how to calculate employee voluntary retention rate in Workday.

What Is Employee Voluntary Retention Rate?

Employee voluntary retention rate is a measure of the percentage of employees who choose to stay with the company voluntarily. It is calculated by dividing the number of employees who voluntarily stayed with the company during a given period by the total number of employees in the organization during that same period. This metric is important because it helps organizations understand how well they are retaining their employees and can help identify areas where they need to improve.

Employee voluntary retention rate is different from overall retention rate, which includes both voluntary and involuntary turnover. Voluntary turnover refers to employees who choose to leave the company, while involuntary turnover refers to employees who are terminated or laid off. By focusing on voluntary turnover, organizations can get a better understanding of how well they are retaining their employees and can take steps to improve retention.

When Is It Valuable To Calculate Employee Voluntary Retention Rate?

Calculating employee voluntary retention rate is valuable for organizations in a variety of situations. For example, if an organization is experiencing high levels of turnover, calculating this rate can help identify whether the turnover is primarily voluntary or involuntary. If the turnover is primarily voluntary, the organization can take steps to improve retention, such as offering better benefits or creating a more positive work environment.

Calculating employee voluntary retention rate is also valuable for organizations that are trying to improve their overall employee engagement. By understanding how well they are retaining their employees, organizations can identify areas where they need to improve in order to keep their employees engaged and motivated. This can include offering more opportunities for professional development, providing better work-life balance, or improving communication between managers and employees.

In conclusion, calculating employee voluntary retention rate is an important metric that can help organizations understand how well they are retaining their employees. By focusing on voluntary turnover, organizations can identify areas where they need to improve in order to keep their employees engaged and motivated. If you are using Workday, calculating this metric is easy and can provide valuable insights into your organization's retention efforts.

How Do You Calculate Employee Voluntary Retention Rate in Workday

Workday 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 Workday 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 Workday, 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.