From the course: Human Resources: Using Metrics to Drive HR Strategy
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Measuring retention
From the course: Human Resources: Using Metrics to Drive HR Strategy
Measuring retention
- [Instructor] In HR, your number one customer is your employees. Just as your customer service department measures its efforts in customer satisfaction and retention, you must measure yours. So let's take a look at what you can measure. Average tenure is the average length of time employees stay at your company, and allows you to gauge employee satisfaction and onboarding effectiveness, as well as predict when people will leave. Add up the number of months employees stay, then divide by the number of current employees. If you currently have 75 employees, and between all of them, the number of months with you is 2700, you would divide that by 75, which is 36 months. Now, you can create plans for employees that kick in at the 30-month mark, perhaps, if your goal is to get people to stay longer. Perhaps a bonus is offered at the end of 48 months to get people to stay for another year. Turnover rate is probably one you're already calculating, which is the number of leavers divided by the…
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