Employee turnover is expected to increase worldwide during the next five years, according to a global survey we at Right Management recently conducted with more than 2,000 internal and external recruiters, human resource executives and hiring managers from 17 countries. Only 14% of respondents globally anticipated a decrease in employee turnover.
Half the survey respondents globally expect higher turnover. About a third foresee no change, and a minority a decrease…all of which points to greater turnover than organizations have been used to dealing with in the past decade.
Expectations of Higher Turnover in Next Five Years
(Percentage anticipating slight or significant increase)
- 59% North America
- 58% Asia Pacific
- 41% Europe
- 49% Global Average
There’s no such thing as typical or average turnover. 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, and the constant departures undermine the trust and engagement of remaining workers.
Employers really need 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.
Are you focused on retaining your top-performers?
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