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The Turnover rate is expected to remain high in 2024 so organizations need a real Retention Strategy to keep their Talents !

By | Nicolas BEHBAHANI | Global People Analytics Leader @ Future of Work | Leading Global HR Analytics, Driving Business Growth

💡 Turnover is unavoidable but excessive turnover can wreak havoc on even the most established business’ ability to stay competitive.

📈 33% of U.S. hiring managers anticipate employee turnover at their company to increase this year, costing an average of $36,295 (e.g., cost to rehire, lost productivity) annually and sometime this number climbs to $100,000 or higher.

🔥 Nearly three-quarters of hiring managers (73%) believe that employee turnover places a heavy burden on existing employees.

☝️ So companies are hiring for two main reasons, either to increase their overall employee count (45%) or to keep the same level of employees (36%), according to a new interesting research published by Express Employment Professionals in collaboration with The Harris Poll using data 📊 from a survey among 1,007 U.S. hiring decision-makers between October 31 and November 10, 2023.

✅Turnover by industry

Turnover rates by industry

In most industries, turnover rate must be less than 10% (expect for support services) as studies show and and there can be exceptional months with high turnover but the most important for leaders, is to understand “why” turnover is high ?

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