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 employee.