On the next card, enter your annual turnover rate as a percentage. The third card will automatically tell you the amount you could save based on a salary and benefits rate of 30k.
GUIDE: CALCULATING ANNUAL EMPLOYEE TURNOVER RATE
You can use the following formula to calculate the annual employee turnover rate:
{Employees who left in a year / [(Beginning number of employees + Ending number of employees) / 2]} x 100 = Annual employee turnover rate
Here’s how to calculate annual turnover:
1. Determine how many employees left the company in a given year.
2. Add the number of employees you had at the beginning of the year to the number of employees had at year’s end. Divide this number by 2.
3. Divide the number of employees who left during the year by the number you calculated in step two.
4. Multiply the total by 100.
Example: In 2021, a company had 100 employees at the beginning of the year and 98 employees at the end of the year. During the same year, five employees left the company. This gives you the following equation:
{5 / [(100 + 98) / 2]} x 100 = 5.05%
Using this formula, you can conclude that the employee turnover rate for 2021 was about 5%.
Source: indeed.com, December 2023.