J. J. Keller® Compliance Network Logo
Start Experiencing Compliance Network for Free!
Update to Professional Trial!

Be Part of the Ultimate Safety & Compliance Community

Trending news, knowledge-building content, and more – all personalized to you!

Already have an account?
FREE TRIAL UPGRADE!
Thank you for investing in EnvironmentalHazmat related content. Click 'UPGRADE' to continue.
CANCEL
YOU'RE ALL SET!
Enjoy your limited-time access to the Compliance Network Professional Trial!
A confirmation welcome email has been sent to your email address from ComplianceNetwork@t.jjkellercompliancenetwork.com. Please check your spam/junk folder if you can't find it in your inbox.
YOU'RE ALL SET!
Thank you for your interest in EnvironmentalHazmat related content.
WHOOPS!
You've reached your limit of free access, if you'd like more info, please contact us at 800-327-6868.
Turnover
  • If needed, a company can measure its turnover rate to address internal problems.

Turnover is a measure of a company’s loss of employees that creates job openings. Often an employer is interested in knowing what its turnover rate is and how it compares with its competitors in the industry, or other companies in the area. The higher the turnover rate, the greater the cost to the employer. Turnover costs typically consist of the following items:

  • Cost to terminate, plus
  • Cost per hire, plus
  • Vacancy cost, plus
  • Learning curve loss.

Recruiting and retaining good employees is the best way to keep both turnover rates and costs down. However, there are several industries which consistently have high turnover rates. These include construction; retail trade; professional and business services; arts, entertainment, and recreation; and accommodation and food services.

When a turnover rate looks out of the ordinary, it is time to focus on the cause of the problem, and then on such things as hiring and recruiting, employee training, formal job descriptions, exit interviews, and increased benefits, to reduce the turnover rate. Measuring the turnover rate can be a helpful tool to a company in focusing its efforts.