According to a new survey by Right Management, a global leader in talent and career management workforce solutions within ManpowerGroup, employee turnover is expected to increase worldwide over the next five years. Based on the data from more than 2,000 internal and external recruiters, human resource executives and hiring managers from 17 countries (representing over 20 industry sectors), confidence in retaining top talent seems to decreasing.
Below, the percentage of those surveyed expecting slight or significantly higher turnover within the next five years:
- North America =59%
- Asia Pacific = 58%
- Europe = 41%
- Global average = 49%
Almost 50% of survey respondents expect higher turnover in the near future. About a third expect no change, and only 14% of respondents globally anticipated a decrease in employee turnover.
“There’s no such thing as typical or average turnover,” said Bram Lowsky, Executive Vice President Americas at Right Management. “Turnover varies widely from industry to industry. Moreover, some turnover is healthy, but high turnover is a top concern for all organizations everywhere. Yet, unless current expectations are wrong, most employers are soon going to have to cope with more loss of talent and know-how, greater recruitment and training costs, and all the turmoil entailed with people leaving and waiting for their replacement. And aside from the tangible costs, organizations may lose business opportunities as well as momentum as the constant departures will likely undermine the trust and engagement of remaining workers.”
Lowsky recommends that organizations make a stronger effort to identify their most valuable employees and find new ways to keep them engaged, interested, and enticed to stay.