formulas mid term 1

Question 1

How do you determine the voluntary turnover rate?

Answer 1

all resignations + retirements / headcount

Question 2

How do you determine involuntary turnover rate?

Answer 2

all employees who are fired, laid off, end of contracts, death / headcount

Question 3

How are external supply requirements determined?

Answer 3

External Supply Requirements = replacements + change in supply components

Replacements = hiring to replace all normal losses (employees x historical loss/replacement rate)

Change in supply = increase/decrease in overall staffing level
(current workforce size x (replacement % per year + change % per year due to strategy)