Retention by seniority clusters
Refers to the rate of employee retention breakdown by seniority clusters.
Calculation steps:
- choose time frame
- identify the number of employees working at the start of chosen time frame
- calculate for each employee the tenure in company (date of departure – hire date)
- identify the number of employees who left during the chosen time frame
- calculate for each employee that left the tenure in company
- set tenure clusters (ex: 0-1 years, 1-3 years, etc)
- for the employees in every category apply the retention rate formula
Example:
Time frame: 1st of January to 31st of March
Employees working at the start of the time frame: 100 out of which
- 40 had tenure of less than 1 year
- 60 had tenure between 1-3 years
Employees who left in the time frame: 10 out of which
- 4 had tenure of less than 1 year
- 6 60 had tenure between 1-3 years
Less than 1 year tenure retention rate = ((40 - 4)/40) x 100 = 90%
1 - 3 years tenure retention rate = ((60 - 6)/60) x 100 = 90%
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