Provident Funds (PF) PF stands for Provident Fund, a mandatory savings scheme in India for employees and employers. It aims at ensuring financial security for employees after their retirement. It also includes contributions from both the employee and employer towards a dedicated provident fund account. Overview of the Public Provident Fund: Purpose:The primary goal of… Read More »
Turnover versus attrition Turnover and attrition are two distinct terms used in the field of human resources and organizational management, although they are related to each other. Here’s a comparison between turnover and attrition: Definition: 1.Turnover: Turnover refers to the voluntary or involuntary departure of employees from an organization, resulting in a vacancy that needs… Read More »
Turnover V/s Retention Turnover V/s Retention, Turnover and retention are two crucial concepts in human resources management that center around the movement of employees within an organization. Here’s a comparison between Turnover vs. retention: 1.Definition: Turnover: Turnover refers to the rate or number of employees who leave an organization within a specified period, typically… Read More »
Turnover and Attrition No, turnover and attrition are not the same, although they are related to employee movement within an organization. Here’s an explanation of the differences between turnover and attrition: Turnover: Turnover refers to the rate at which employees leave an organization and are replaced by new hires. It is a broader term… Read More »
Importance of Turnover Importance of Turnover in business for several reasons: 1. Financial Performance: Turnover provides a measure of a company’s revenue generation and financial performance. It indicates the amount of money flowing into the business from sales of goods or services. High turnover generally suggests healthy financial performance, while low turnover may indicate… Read More »
Turnover Rate The turnover rate, also known as the employee attrition rate, is an important metric for organizations to monitor and analyze. Here are some reasons why the turnover rate is considered important: 1.Cost of Turnover: High turnover can be costly for businesses. When employees leave, there are expenses associated with recruiting, onboarding, and training… Read More »
Standard Turnover The term “standard turnover” does not have a specific and universally recognized meaning in business or financial terminology. However, if you are referring to the phrase in the context of turnover, it could be interpreted as the average or expected turnover level for a particular industry, sector, or business. For more information to… Read More »
Advantages of EPF and EPS Advantages of EPF and EPS, The Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are social security schemes designed to provide financial security to employees during retirement or in the event of their unfortunate demise. These schemes offer several benefits, including: Retirement benefits: Upon retirement, employees receive a… Read More »