I guess when talk about "turnover", it is about sales turnover. However, the detailed formula I'm not so sure yet. Let me google...
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There are many types of turnover. To list a few: employee turnover, asset turnover and sales turnover. Of course the list is non-exhaustive.
Here comes the explanation from Wikipedia in Business context:
- Turnover is sometimes a synonym for revenue (or in certain contexts, sales), especially in European and South African usage
Services sold by a company during a particular period of time.
- Turnover is sometimes the name for a measure of how quickly inventory is sold (inventory turnover). A high turnover means that goods are sold quickly, while a low turnover means that goods are sold more slowly.
- Asset turnover is a financial ratio that measures the efficiency of a company's use of its assets in generating sales revenue or sales income to the company.[1]
- Turnover (employment), relative rate at which an employer gains and loses staff, especially in North American usage
- Customer turnover, the rate at which a business loses customers, sometimes called the churn
