Describe the concept of job turnover.

Describe the concept of job turnover.

Job turnover refers to the movement of workers into and out of employment within a specific time period. It measures the rate at which individuals leave their current jobs and find new ones. Job turnover can occur due to various reasons such as voluntary quits, layoffs, retirements, or terminations. It is an important indicator of labor market dynamics and can have significant implications for unemployment rates and overall economic performance. High job turnover can indicate a dynamic and flexible labor market, while low job turnover may suggest a more stagnant or rigid labor market.