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How to Solve this problem?
At the start of the year a co. employed 2,000 employees. During the year 400 employees left the co..At the end of the year there were 2,200 employed. What is the Labour turnover rate?
The average number of employees is (2000+2200)/2 = 2100
400 employees left, and they were all replaced (because there were more employees in total by the end of the year).
So…the labour turnover rate is 400/2100 = 19%
Thanks a lot John!
But how do we know that all 400 replaced? What is the key point for considering 400 Employees as Replacement?
We know that they were all replace because there are more employees at the end of the year then there were at the beginning. So that must mean that all those that left were replaced (and another 200 were employed as well).
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