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Turnover (including Retention)
National Summary
Once the “great recession” ended, the economy improved, and in many areas of the country, unemployment rates continue their decline to prerecession levels, which provides 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 employee.
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