Jun '24 • 🎙 Expert Voices
Key Metrics for Employee Retention
Gonzalo Shoobridge, Senior HR Specialist at The World Bank, Writer & Blogger, emphasizes the importance of defining clear objectives for an Employee Value Proposition (EVP) strategy. The chosen Key Performance Indicators (KPIs) should align with these objectives, which can vary from attracting top talent to enhancing employee engagement and beyond.
Here, Gonzalo focuses on KPIs for improving employee retention, showcasing how to evaluate and enhance EVP effectiveness in retaining talent. Key Points:
Turnover Rate:
"It’s the percentage of employees leaving the organization within a specific period, crucial for understanding the proportion of employees who have left relative to the total workforce".
Retention Rate:
"This reflects the percentage of employees staying with the organization. It is the inverse of the turnover rate and provides insight into the company's ability to retain its talent".
Average Tenure:
"This measures the average length of time employees stay with the organization, helping to understand workforce stability and longevity".
Absenteeism Rate:
"This metric measures the average number of days employees are absent from work. High rates may indicate issues with employee morale or workplace culture, directly impacting turnover".
What are the most important metrics for your HR department? Share your experience.
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Key Metrics for Employee Retention
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