Dear Friend,
Turnover of employee : there are two types 1) voluntary 2) Involuntary
1) voluntary -- resignation of employee (the interest of individual employee)
2) Involuntary - due to poor performance, other reasons organisation terminate employee for reasons
Attrition : Gradual reduction of employee strength or role of the employee other than terminating/firing etc.,
Difference : In turnover the vacancy of employee occur is being replaced by recruitment or available means, In attrition no replacement or recruitment of the vacancy, the position occur slowly reduced and no fill up of the position to the place. They eliminate the role of employee.
Ratio : In turnover the organisation would like to fill the vacancy position in accordance to the merit and necessity. All organisation would have the minimum of turnover 5% (they keep only 5% of total strength as vacant, hardly touch 10%) this 5% vacancy looked into by some one who can handle the situation)
In attrition : no filling up of the post, gradual reduction of strength and role of the employee.
The 5% is the equation with turnover and attrition..