You discover that during Q1, your company's employee turnover rate was 7.4%. Nicely done!
Learn More: 10 HR Metrics That Matter to Your C-Suite
How Do I Analyze Employee Turnover Rate?
Now, grab your detective hat. Because what's the point of all these figures if you don't know what they mean or how to make them work for you?
So, why is turnover happening in your business? Let's look at some hotspots and start asking the right questions.
Is a Certain Position in the Hot Seat?
Imagine you're a marketing maven running a digital marketing agency, and you've noticed that the turnover rate is higher in your internship program. Every intern who walks through your doors seems to be sprinting out before their internship ends.
It's a curious case, and you need to get to the bottom of it by looking at data or maybe even conducting a stay interview or two. Is it the workload, the compensation, or the nature of the job that's sending these individuals packing?
Identifying the problem is the first step toward finding a solution.
Is Turnover Higher in Certain Departments?
Take the time to break down your turnover rate by department. Does one department have a turnover rate that’s higher than the others? What's causing this? Is it a toxic work culture, a case of poor management, or something else entirely? It's time to uncover the mystery.
Are Managers Playing a Role?
Don't forget about your business leaders. Sometimes, it's management who needs to change their tune.
Break down turnover even more by looking at it on a team-by-team basis. If turnover is higher under a specific supervisor, figure out why. Is it their management style, a lack of support, or something else making people head for the hills?
Learn More: Decoding the Employee Experience: Top Retention Factors