Download this ready to use New Hire Turnover Rate Calculator in Microsoft Excel and Spreadsheet by Excel Downloads. This template is useful to calculate the percentage of new hires who leave the company in a given period of time.
What is New Hire Turnover Rate ?
New Hire Turnover rate means the ratio that highlights the newly recruited workforce who leave the organization. According to a study conducted, the normal new hire turnover rate is 20%.
Interpretation of New hire turnover rate
Lower New Hire Turnover Rate indicates the effectiveness of your recruitment process. The newly recruited staff stays with the company for longer periods helps you lower recruitment cost.
In simple terms, the percentage of newly recruited employees leaving the organization against the total number of new hires during a specific period of time is called New Hire Turnover Rate.
New Hire Turnover rate Calculation
To calculate your new-hire turnover rate, divide the number of employees who leave within one year of their start date by the total number of employee separations during that same period. Multiply the number by 100 to represent the value as a percentage.
About New Hire Turnover Rate Calculator Excel Template
In this calculation of new hire turnover rate excel template, there are 2 sections, namely :
- New Hire Turnover Rate (General)
- Department Wise New Hire Turnover Rate
With these two metrics you can easily evaluate the organizational level data and departmental level data.
Possible Reasons for Spike in New Hire Turnover
Well, it broadly is affected by many reasons but some possible reasons are:
- Mismatch in job responsibilities before and after joining. Meaning that, the expectation do not match the reality in terms of job description or responsibilities.
- The communication gap between the candidate and the reporting authority.
- Not Enough Training is provided related to the job post and expecting more than the skillset in a candidate.
- Excess workload might lead to a candidate resign from his role.
- Colleagues harassment in workplace.
- Better Pay and Better benefits from your competitor.
- Remote locations of the company.
How to optimize and reduce new hire turnover rate ?
- Review and rectify the loops in your current hiring process.
- Onboarding programs should be made for newly joined candidates.
- The hiring Manager and reporting managers must coordinate with newly recruited candidates.
- Providing a healthy and feasible work environment.
- Provide Proper Training pertaining to job roles.
Download and use new hire turnover rate calculator excel template
Now, To download and use this free new hire turnover rate template, follow the instructions below –
- Firstly, You should have Microsoft Office/ Microsoft Excel installed in your system.
- After installing Excel or Spreadsheet, download the zip file of this template, extract the template using WinRAR or 7Zip decompressing software.
- Once extracted, you can open the file using Excel and start entering data or customizing the format.
