Due to the Great Resignation following the 2020 pandemic, employees became more picky about the jobs they pursue. Company CultureĬompany culture has become even more important over the last few years. Some of them include company culture, management, and job advancement opportunities. There are all kinds of factors that affect your turnover rate. Hiring Statistics Reasons for a High or Low Turnover Rate On average, turnover costs $15,000 for each employee who leaves The higher a company’s turnover rate is, the greater the financial impact on the company. The amount spent on recruiting, training, and onboarding adds up for each employee. If a company is struggling to retain talent and that is reflected in company reviews, job seekers will see that. The prevalence of social media and the rise of sites like LinkedIn or Glassdoor makes it easier for job seekers to see what a company is like even before they interview. On the flipside, if a company has a lower turnover rate and thus better employee retention, employees are more likely to be satisfied as they see their fellow co-workers enjoying their jobs as well. If employees see other employees leaving constantly, it is likely to affect the way they view their job and their overall job satisfaction. Turnover rate affects company morale, the ability to attract talent, and finances. If a company has a high turnover rate, they will likely put an emphasis on employee retention. Turnover steers a company’s actions towards retaining talent. Typically it is measured by a percentage. Turnover rate is the number of employees who leave your organization over a certain period of time, whether they were terminated (involuntary turnover), resigned, or retired (voluntary turnover).
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