How To Calculate Voluntary Employee Turnover Rate in Smartsheet | Arithmix
Learn how to calculate voluntary employee turnover rate in Smartsheet with our step-by-step guide. Improve your HR analytics and make data-driven decisions to retain top talent.
Calculating the voluntary employee turnover rate is an essential metric for any organization. It helps to determine the percentage of employees who leave the company voluntarily, i.e., resign or retire, during a specific period. This metric is crucial for businesses to understand the reasons behind employee turnover and to take necessary steps to retain their valuable employees.
What Is Voluntary Employee Turnover Rate?
Voluntary employee turnover rate is the percentage of employees who leave a company voluntarily during a specific period. This metric is calculated by dividing the number of employees who left the company voluntarily by the average number of employees during the same period. The result is then multiplied by 100 to get the percentage.
For example, if a company had 100 employees at the beginning of the year and 10 employees left voluntarily during the year, the voluntary employee turnover rate would be 10%. This metric is different from the total employee turnover rate, which includes both voluntary and involuntary turnover.
When Is It Valuable To Calculate Voluntary Employee Turnover Rate?
Calculating the voluntary employee turnover rate is valuable for organizations in several ways. Firstly, it helps to identify the reasons behind employee turnover, such as low job satisfaction, lack of growth opportunities, or poor management. Once the reasons are identified, the company can take necessary steps to address them and improve employee retention.
Secondly, calculating the voluntary employee turnover rate helps to measure the effectiveness of the company's retention strategies. If the rate is high, it indicates that the company needs to improve its retention strategies, while a low rate indicates that the strategies are working effectively.
Lastly, the voluntary employee turnover rate is a crucial metric for benchmarking against industry standards. By comparing the rate with other companies in the same industry, the company can determine whether it is performing better or worse in terms of employee retention.
In conclusion, calculating the voluntary employee turnover rate is an essential metric for any organization. It helps to identify the reasons behind employee turnover, measure the effectiveness of retention strategies, and benchmark against industry standards. By using Smartsheet or any other spreadsheet software, companies can easily calculate this metric and take necessary steps to retain their valuable employees.
How Do You Calculate Voluntary Employee Turnover Rate in Smartsheet
Smartsheet 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 Smartsheet 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 Smartsheet, 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 Smartsheet 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 Smartsheet 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