How To Calculate Voluntary Employee Turnover Rate in BQE CORE Suite | Arithmix
Learn how to calculate voluntary employee turnover rate in BQE CORE Suite with our step-by-step guide. Reduce turnover and improve employee retention with these valuable insights.
Calculating voluntary employee turnover rate is an important aspect of human resources management. It helps organizations understand how many employees are leaving voluntarily and why. This information can be used to improve employee retention strategies and reduce costs associated with recruitment and training. In this article, we will discuss what voluntary employee turnover rate is, when it is valuable to calculate it, and how to calculate it using BQE CORE Suite.
What Is Voluntary Employee Turnover Rate?
Voluntary employee turnover rate is the percentage of employees who leave an organization voluntarily within a given period of time. This includes employees who resign, retire, or leave for personal reasons. It does not include employees who are terminated or laid off. Voluntary turnover rate is an important metric for organizations to track because it can indicate the health of the organization's culture, management, and employee engagement.
High voluntary turnover rates can be a sign of low employee morale, poor management practices, or a lack of career development opportunities. On the other hand, low voluntary turnover rates can indicate a positive work environment, strong leadership, and opportunities for growth and development.
When Is It Valuable To Calculate Voluntary Employee Turnover Rate?
Calculating voluntary employee turnover rate is valuable for organizations that want to improve employee retention and reduce costs associated with recruitment and training. It can also be useful for identifying trends and patterns in employee turnover, such as which departments or job roles have the highest turnover rates.
Organizations can use this information to develop targeted retention strategies, such as offering career development opportunities, improving management practices, or increasing employee engagement. By reducing voluntary turnover rates, organizations can save money on recruitment and training costs and improve overall employee satisfaction and productivity.
How to Calculate Voluntary Employee Turnover Rate
To calculate voluntary employee turnover rate, you will need to gather data on the number of employees who left the organization voluntarily during a specific period of time, such as a quarter or a year. You will also need to know the total number of employees in the organization during that same period of time.
Once you have this data, you can use the following formula to calculate voluntary employee turnover rate:
Voluntary Turnover Rate = (Number of Employees Who Left Voluntarily / Total Number of Employees) x 100
For example, if your organization had 100 employees at the beginning of the year and 10 employees left voluntarily during the year, your voluntary turnover rate would be:
(10 / 100) x 100 = 10%
BQE CORE Suite offers a variety of tools and features that can help you track and analyze employee turnover rates, including customizable reports and dashboards. By using these tools, you can gain valuable insights into your organization's turnover trends and develop targeted retention strategies to improve employee satisfaction and reduce costs.
In conclusion, calculating voluntary employee turnover rate is an important aspect of human resources management. It can help organizations identify trends and patterns in employee turnover, develop targeted retention strategies, and reduce costs associated with recruitment and training. By using BQE CORE Suite, organizations can track and analyze turnover rates with ease and make data-driven decisions to improve overall employee satisfaction and productivity.
How Do You Calculate Voluntary Employee Turnover Rate in BQE CORE Suite
BQE CORE Suite itself isn’t naturally geared towards letting you calculate complex metrics like Voluntary Employee Turnover Rate. As an alternative, teams typically use products like Arithmix to import data from BQE CORE Suite 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 BQE CORE Suite, combine it with data from other systems, and create calculations like Voluntary Employee Turnover 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 Voluntary Employee Turnover Rate in Arithmix
Calculating metrics like Voluntary Employee Turnover Rate is simple in Arithmix. Once you've created your free account, you’ll be able to import your BQE CORE Suite data, and use it to create natural language formulas for metrics like Voluntary Employee Turnover Rate.
Arithmix is designed to give you the power to build any calculations you want on top of your BQE CORE Suite 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