One-Third of Companies Bracing for Higher Employee Turnover
OKLAHOMA CITY, Feb. 28, 2024 /PRNewswire/ -- Thirty-three percent of U.S. hiring managers anticipate employee turnover at their company to increase in the next year, costing an average of $36,295 (e.g., cost to rehire, lost productivity) annually.
- Turnover not only takes a toll on the company, but also the remaining employees — nearly three-quarters of hiring managers (73%) say employee turnover places a heavy burden on existing employees.
- From affecting productivity to engagement, excessive turnover can wreak havoc on even the most established business' ability to stay competitive.
- The Cost of Turnover: Studies show the actual cost to replace an employee is significant.
- Understand the Expectations of Turnover: Acknowledging that turnover is common in the employment cycle, organizations that delve into the complexity of expected turnover rates gain a pivotal advantage in proactive management.