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Workplace turnover continues to increase year-over-year, according to a recently published report run by the Compdata consulting practice at Salary.com. According to this year’s report, the estimated total workplace turnover in the United States hit 19.3% — rising nearly a full percentage point from 2017 and more than 3.5 percentage points since 2014.
The annual Turnover Report contains data from nearly 25,000 participating organizations of varying sizes in the United States, ranging from companies with less than 100 employees to 5,000-plus employees.
“Since 2014, we have seen workplace turnover steadily increase, with a 22.9% increase over the past five years. In today’s modern war for talent, the number of available jobs outnumber the people searching for work and, because of this, companies must do everything in their power to attract, engage and retain top talent,” said Kent Plunkett, CEO of Salary.com. “Most studies report that employees leave their current jobs for better-paying positions, and one of the best ways to combat turnover is to ensure that pay in your organization is both externally competitive and internally equitable.”
The survey also takes a deeper dive into U.S. turnover segmented by industry and geographic region. Some interesting statistics include:
- By Industry:
- Hospitality (31.8%), Health Care (20.4%), and Manufacturing & Distribution (20%) had the highest rates of total turnover.
- In contrast, Utilities (10.3%), Insurance (12.8%), and Banking & Finance (16.7%) had the lowest.
- By U.S. Geographic Region:
- South Central (20.4%) and the West (20.3%) had the highest rates of total turnover.
- The Northeast (17.3%) had the lowest rate of total turnover in the country.