Employee retention plan example
- Turnover rate for the period, percent
- 29
- Average headcount
- 21
- Annualised turnover rate, percent
- 29
Every figure on this page is computed from the inputs you enter, by the method stated below it. The only constants HeadcountDesk supplies are the published federal payroll tax rates and the overtime multiplier, each cited where it is used. The defaults are a worked example to replace with your own.
An employee retention plan example, filled for a small service business so the shape is visible: the turnover rate measured by role and by manager, the cost per departure calculated, three changes aimed at the worst numbers, each with an owner, a date and the measure that will show whether it worked, and the quarterly re-measure. The turnover rate calculator on this site produces the rate from your headcount and departures, free and without an account; HeadcountDesk Pro keeps the plan and the measures.
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The measurement in the example
A front-line role leaving at a rate well above the rest, mostly inside the first quarter, mostly under one manager. The free turnover rate calculator on this site produced the rate; the split by role, tenure and manager pointed at the cause.
The cost in the example
Gallup puts the cost of replacing an employee at one-half to two times the employee's annual salary, and calls that a conservative estimate. Applied to the loaded cost from the free true cost of employee calculator on this site, the departures in that role were the largest avoidable cost in the business.
The three changes
Onboarding for that role rewritten with a named person and week-one check-ins; the manager given the review template and a review calendar; pay for the role checked against the market and adjusted. Each with an owner, a date and the measure.
The re-measure
The rate recalculated each quarter for that role and that manager, and the plan judged on it. Pro keeps the plan, the measures and the reviews together. From the vendors' own pricing pages: Homebase lists Essentials at $24 per location per month billed annually or $30 monthly, with a free Basic plan for one location of up to ten employees; BambooHR lists Core at $10 and Pro at $17 per employee per month; Deputy lists Core at $6.50 per user per month. HeadcountDesk Pro is $24 a month per location.
Employee retention plan example: common questions
What does a retention plan look like?
The rate by role and manager, the cost per departure, a few owned changes aimed at the worst numbers, and a quarterly re-measure.
Is the turnover calculator free?
Yes. The free turnover rate calculator on this site produces the rate with no account.
How many changes should the plan have?
Few: the three aimed at the worst numbers. A plan with fifteen items is a list.
Will it do what you need for Employee retention plan example?
Tell us what your business needs and we will tell you straight whether HeadcountDesk Pro does it today, whether it is coming, or whether you are better off with something else. A person reads these and replies.