Employee turnover is expected to increase worldwide during the next five years, according to a Right Management global survey of recruiters, HR executives and hiring managers.
North America shows the highest expectations for employee turnover, with 59% of respondents saying they anticipate increased turnover in the next five years. In Asia-Pacific, 58% predict increased turnover; in Europe, only 41% predict increased turnover. The global average was 49%.
“There’s no such thing as typical or average turnover,” said Kevin Noronha, market vice-president with Right Management. “Turnover varies widely from industry to industry. Moreover, some turnover is healthy, but high turnover is a top concern for all organizations everywhere. Yet, unless current expectations are wrong, most employers are soon going to have to cope with more loss of talent and know-how, greater recruitment and training costs, and all the turmoil entailed with people leaving and waiting for their replacement. And, aside from the tangible costs, organizations may lose business opportunities as well as momentum as the constant departures will likely undermine the trust and engagement of remaining workers.”
Noronha advises employers to make greater efforts at identifying and retaining key contributors. “Even high turnover may be manageable if an employer is able to keep most of the best workers.”
Only 14% of respondents globally anticipated a decrease in employee turnover.