ATTRITION RATE Meaning and
Definition
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Attrition rate refers to the measurement of the rate at which a group, organization, or population decreases in size or diminishes over a specified period of time, usually expressed as a percentage. It is a human resources term primarily used to evaluate the turnover or loss of employees within a company. This rate helps employers understand the amount of staff turnover occurring in their workforce and its impact on the overall organization.
By calculating the attrition rate, companies can assess the effectiveness of their recruitment, retention, and training strategies. It also provides insights into employee satisfaction, engagement, and development opportunities within the organization. A high attrition rate may indicate potential issues such as inadequate working conditions, a lack of career growth, low employee morale, or ineffective management practices.
The attrition rate can be determined by dividing the number of employees who have left the organization during a specific period by the average total number of employees during that same period. This formula gives a percentage that represents the rate of employee attrition. It can be further categorized into voluntary attrition, where employees choose to leave of their own accord, and involuntary attrition, where employees are terminated by the organization.
Understanding and monitoring attrition rate allows companies to identify areas for improvement in their employee retention strategies, reduce recruitment and training costs, and maintain a stable and engaged workforce.
Common Misspellings for ATTRITION RATE
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Etymology of ATTRITION RATE
The word "attrition rate" is a term commonly used in business and human resources to measure the rate at which employees voluntarily leave an organization over a specified period of time.
The word "attrition" itself has its origins in Latin. It is derived from the Latin word "attritio", which means "wear down" or "rub away". In the context of employment, attrition refers to the gradual natural reduction in the number of employees through retirements, resignations, and other voluntary means, similar to how wear and tear lead to the erosion of something over time.
The usage of "attrition rate" in the context of employee turnover became more prevalent in the mid-20th century as businesses began to focus on measuring and managing the departure of employees. Today, it is a commonly used term when analyzing workforce dynamics and planning recruitment and retention strategies.
Similar spelling word for ATTRITION RATE
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