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Hiring Wisdom: Have You Checked Your Employee Stability Index?
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Turnover is always an important number to track, but what is going to be more important in the next year is to monitor your Employee Stability Index.
This indicator comprises the number of employees in their present position longer than 12 months divided by the total number of employees in either your company, department, or location (Note: You can also run the numbers for employees who have been with you for two, three, four, or five or more years.).
Target stability in today’s tight employment market should be somewhere between 75 percent and 85 percent.
Greater than 85 percent may mean you need some new blood – fresh ideas. And less than 75 percent means you are losing too many trained people in whom you have invested a lot of time and money.
This was originally published on Mel Kleiman’s Humetrics blog