The “great recession” has ended, the economy has
improved, and in many
areas of the country, unemployment rates have dropped back to prerecession levels, providing employees
looking to make may a change with more options for finding new employment.
Employers should do all they can to avoid losing top talent.
Turnover occurs when an
employee leaves an employer, usually voluntarily, and must be replaced.
When turnover rates are high, it’s a signal to an employer that it needs
to take a look at its organization to see if it can identify factors that might be contributing
to the turnover rate. There are myriad reasons for turnover, including,
but not limited to, below-market compensation, lack of flexible scheduling, poor job fit, inadequate
training, lack of career growth, poor direct supervision, or poor organizational management.
Turnover costs can add up quickly when an employer takes into account lost
productivity, costs associated with hiring a new employee, the cost
of temporary employees or overtime to cover the workload of the person
who left the
company, and training. Even more important may be the loss of skill,
experience, and customer relationships associated with the resignation of a valuable