Turnover Rate (Noun)
Meaning
The ratio of the number of workers that had to be replaced in a given time period to the average number of workers.
Classification
Nouns denoting relations between people or things or ideas.
Examples
- The company's high turnover rate was a major concern for management, as it resulted in significant recruitment and training costs.
- The turnover rate in the retail industry is notoriously high, with many employees leaving after just a few months.
- To reduce the turnover rate, the company implemented a new employee retention program that included competitive salaries and benefits.
- The turnover rate in the manufacturing sector has been steadily increasing over the past year, prompting calls for improved working conditions.
- The human resources department closely monitored the turnover rate to identify trends and areas for improvement in employee satisfaction and engagement.