How To Calculate Voluntary Employee Turnover Rate in Freshservice | Arithmix
Learn how to accurately calculate voluntary employee turnover rate in Freshservice with our step-by-step guide. Improve your HR metrics and retain top talent with these valuable insights.
Employee turnover is a critical metric for any organization, as it can impact the company's bottom line, productivity, and overall success. One specific type of turnover that companies may want to track is voluntary employee turnover rate. This metric measures the number of employees who choose to leave the company on their own accord, rather than being terminated or laid off. Calculating this rate can provide valuable insights into employee satisfaction, engagement, and retention strategies.
What Is Voluntary Employee Turnover Rate?
Voluntary employee turnover rate is the percentage of employees who voluntarily leave a company during a specific period. This rate only includes employees who resign or retire, and does not include employees who are terminated or laid off. It is calculated by dividing the number of voluntary separations by the total number of employees during the same period, and multiplying the result by 100.
For example, if a company has 100 employees at the beginning of the year, and 10 of them resign or retire during the year, the voluntary employee turnover rate would be 10%.
When Is It Valuable To Calculate Voluntary Employee Turnover Rate?
Calculating voluntary employee turnover rate can be valuable for several reasons. Firstly, it can help companies identify potential issues with employee satisfaction and engagement. If a high percentage of employees are leaving voluntarily, it may indicate that there are underlying problems with the company culture, management, or work environment.
Additionally, tracking voluntary employee turnover rate can help companies evaluate the effectiveness of their retention strategies. If the rate is consistently high, it may be necessary to implement new initiatives to improve employee satisfaction and reduce turnover.
Finally, calculating voluntary employee turnover rate can provide valuable benchmarking data. By comparing their rate to industry averages or competitors, companies can gain insights into how they stack up against others in their field, and identify areas for improvement.
In conclusion, voluntary employee turnover rate is an important metric for any organization to track. By calculating this rate, companies can gain valuable insights into employee satisfaction, engagement, and retention strategies, and make data-driven decisions to improve their overall performance.
How Do You Calculate Voluntary Employee Turnover Rate in Freshservice
Freshservice 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 Freshservice 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 Freshservice, 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 Freshservice 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 Freshservice 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