When employees quit the job from organization, it is stated as voluntary turnover. There are 2 types of turnover, voluntary and involuntary turnover which can either be avoidable or unavoidable. Low staff turnover means that your workforce is comparatively stable and that employees in your business tend to stick around. If you have high staff turnover, many employees leave your business in a given amount of time. Put, staff turnover is the number of employees that leave your business in a set amount of time. This replacement cycle is known as turnover (Woods, 1995). The term “ turnover” is defined as the ratio of the number of organizational members who have left during the period being considered divided by the average number of people in that organization during the period.įrequently, managers refer to turnover as the entire process associated with a vacancy: Each time a position is vacated, either voluntarily or involuntarily, a new employee must be hired and trained. (2010) also state that employee turnover is a serious issue that needs management and monitoring.Įmployee turnover is the rotation of workers around the labour market between firms, jobs, and occupations and between the states of employment and unemployment.
The value of these employees to the organization is essentially intangible and not easily replicated. Organizations have a constant need to continue developing tangible products and provide services that are based on employee retention strategies created by these employees. Today’s business world is faced with heightening competition, in a dynamic environment where the only constant is the employee.
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