Employee retention plan template
- 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 template starts with the number: the turnover rate by role and by manager, and what each departure costs to replace. Then the plan is the handful of changes aimed at the roles where the number is worst, each with an owner, a date and the measure that will show whether it worked. 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 against the measures.
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Measure first
Turnover rate by role, by manager, by tenure at leaving. The free turnover rate calculator on this site produces the rate from the headcount and the departures; the split by role and manager is where the plan starts.
Cost each departure
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. The free true cost of employee calculator on this site gives the loaded cost per employee that the multiple applies to, so the plan has a dollar figure per role.
The changes, few and owned
Pay against the market for the worst role, the manager whose team leaves, the onboarding that loses people in the first quarter, the review that never happens. Each change has an owner, a date and the measure that will show it worked.
Review the number
The rate is recalculated each quarter and the plan is 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 template: common questions
What should a retention plan include?
The turnover rate by role and manager, the cost per departure, the few changes aimed at the worst numbers with owners and dates, and the quarterly re-measure.
Is the turnover calculator free?
Yes. The free turnover rate calculator on this site produces the rate with no account.
How do I cost a departure?
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. Apply it to the loaded cost from the true cost calculator.
Will it do what you need for Employee retention plan template?
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.