Average Turnover Rates Ticking Upwards
As determined by Compdata Surveys’ BenchmarkPro 2012, the national average total turnover rate for 2011 was 15.2 percent, up 0.8 percent over the prior year. Voluntary turnover rates rose 0.7 points to 9.8 percent during the same period. The increase comes as the national unemployment rate has remained relatively stagnant over the last several months. The hospitality industry averaged the highest rate at 33.7 percent, followed by the banking and finance (16.5 percent), insurance (10.8 percent), and utilities (6.5 percent) industries.
“Voluntary turnover rates were trending downward for several years, but the numbers are beginning to edge up again,” said Amy Kaminski, director of marketing for Compdata Surveys. “This is likely because employees are beginning to feel more comfortable about re-entering the job market as the economy shows small signs of improvement.”
Even as the national unemployment rate hovers above 8 percent, 95.9 percent of respondent employers said that they are actively recruiting new employees. Indeed, a growing trend among many organizations is an inability to fill skilled positions as baby boomers begin to retire. The most used forms of job advertising include the Internet (used by 81.4 percent of employers), referral programs (50.1 percent), and social media outlets (40.4 percent). Over one-quarter of companies offer bonuses for the successful recruitment of new employees and 9.8 percent have increased starting salaries.
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