Employee turnover continues to be a concern for U.S. companies. According to a survey from the Harris Poll commissioned by Express Employment Professionals, almost half (48%) of U.S. hiring managers said their company is experiencing increased turnover. This is up from 44% in late 2021.
Of the 1,003 U.S. hiring decision-makers surveyed, the majority (78%) say their company has been impacted by employee departures, and 71% agree that employee turnover places a heavy burden on existing employees.
Turnover is also expensive, costing companies on average $57,150. Almost a quarter (23%) of hiring managers say these costs are $100,000 or more per year.
Top causes of increased employee turnover:
- Employees resigning (34%)
- Increase in workplace demands (31%)
- Better pay/benefits offered elsewhere (31%)
- Competitive job market (28%)
- Employees retiring (26%)
Express Employment International CEO Bill Stoller said that a well-rounded workforce could be the key to retention. “The goal of any employer should be to create such a healthy company culture that top talent will turn down other job offers. It may just be the key to stopping future turnover,” he said.