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Employee Retention Rate Over Some Period of Time

Employee Retention Rate Over Some Period of Time
   
Home  » Products  » VIP Task Manager Pro  » Tutorials  » Customization Guide  » Employee Retention Rate Over Some Period of Time

Employee Retention Rate Over Some Period of Time

    Employee Retention Rate is employee loyalty key performance indicator that shows the number of employees staying in the company expressed as percentage.  Retention Rate can be calculated by the following formula:

    Employee Retention Rate = Actual Headcount for particular period of time /Total Number of Employees at the end of Measurement Period

    Actual Headcount= Total Number of Employees at the end of Measurement Period – Number of Separations during Measurement Period

    Suppose you need to calculate Employee Retention Rate on quarterly basis from September 1 to November 30. On November 30 you have 350 employees (Total Number of Employees at the end of Measurement Period). During this quarter 7 employees retired (Number of Separations). The Employee Retention Rate will be calculated as follows:

    Actual Headcount= Total Number of Employees at the end of Measurement Period – Number of Separations during Measurement Period = 350 – 7 = 343

    Employee Retention Rate (per Quarter) = Actual Headcount for particular period of time (per quarter) /Total Number of Employees at the end of Measurement Period (per Quarter) = 343/350 = 0.98 = 98%

    There are different methods to keep high Employee Retention Rate and make your employees satisfied with the company they are working in. Some of employers bring in gifts, benefits, different vacation options, office parties, dinner certificates. Satisfied employees tend to keep working in the company with good results. It will reduce turnover rate and save expenses for hiring new employees.

    To calculate the Employee Retention Rate over some period of time please follow the steps below:

  • Create the custom field “Total Number of Employees” with the code “cf_total_number_of_employees”
  • Add the number of employees you have employed at the end of measurement period.

  • Create the custom field “Number of Separations” with code “cf_number_of_separations”
  • Add the number of employees who quit during the period over which you need to calculate Employee Retention Rate

  • Create the custom field “Actual Headcount” with the code “cf_actual_headcount” and the formula:
  • $cf_total_number_of_employees - $cf_number_of_separations

  • Create the custom field “Employee Retention Rate” with the formula:
  • ToFloat($cf_actual_headcount)/ ToFloat($cf_total_number_of_employees)*100

  • On Task Tree select the task group for which you need to display Employee Retention Rate and select “Custom fields options”
  • Set the following custom fields settings for the custom fields: “Total Number of Employees” and “Number of Separations”
    • In “Settings for” select “This task group”
    • select “Enable”
    • select “Edit”
  • To enter the value for the custom fields “Total Number of Employees” and “Number of Separations” right click on task group and select “Edit”

  • For the custom fields “Actual Headcount” and “Employee Retention Rate” set the following settings for these custom fields:
    • In “Settings for” select “This task group”
    • select “Enable”
    • select “Calculated by custom field formula (for task group)”
  • Employee Retention Rate on Task Tree


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