From a business standpoint, turnover is the rate or percentage at which employees leave a company and the act of replacing them with new people.
A high turnover rate could mean that a company is losing money on hiring, training, and onboarding. Hence, it must also improve its employee retention strategies. Often, the HR department is responsible for finding ways to improve employee retention.
In accounting terms, turnover refers to the number of sales a business makes within a specified period. The term "overall turnover" is used to define a company's net revenue.
