Recruiting More Active as Turnover Rates Continue to Decline
The latest survey from BenchmarkPro shows that turnover rates for businesses have been slowly declining and were at 14.4 percent from 2010 and 2011. With the economic forecast being somewhat dim for Americans, it is fairly common knowledge that the unemployment rate will be high for awhile. In fact, some economists believe that it may even take several more years before the unemployment rate sees figures down to a healthy rate of 6 percent or less.
Two years ago, a 10.4 percent voluntary turnover rate was noted, but the newest figures come in at 9.1 percent. The hospitality sector had the highest turnover rate at 29.1 percent, with healthcare organizations coming in at 15.9 percent. Insurance companies were at 10.8 percent and a low 6.2 percent was noted in the utilities employers.
According to director of marking for Compdata, Amy Kaminski, the recruiting industry is rebounding, as many businesses are beginning to hire once again. She reports that 96 percent of businesses are recruiting right now, compared to 91 percent in 2009. This 5 percent increase tells us that more jobs are available and this is great news.
Recruiters are using various methods of filling vacancies, such as the Internet, newspapers, and even job fairs. In fact, the Internet is the most widely used avenue, with at least 83 percent of companies use the Internet to reach job candidates. Coming in second is newspaper advertising at 62.5 percent, and job fairs are used 55.1 percent of the time.
BenchmarkPro 2011 compiled cross-industry data on 300 plus benchmark job titles from 3,700 employers across 18,000 spots in the USA.