Turnover Rate

Definition - What does Turnover Rate mean?

Turnover rate is the percentage in which employees leave a workplace in a particular period. The higher the percentage, the bigger the number of employees who have left their jobs. The turnover can either be voluntary or involuntary.

Insuranceopedia explains Turnover Rate

In the insurance industry, there is usually a big turnover rate especially among agents. This is because insurance is a very competitive industry. In 2015, Forbes listed insurance companies as having the highest turnover rate.

While it may be easy for anyone to enter the insurance industry as an agent because in some states, training or higher education is not necessary. Acquiring income through sales can be difficult especially for new agents. Most people have been known to decline rather than accept insurance offers.

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