Did you know that over 23 million employees quit their jobs in the US last year? That voluntary turnover carries real financial costs, ranging from $4,000 to over $250,000 per position. And this is not a problem that is going away…if anything, it is getting worse. Recent data shows that employee turnover has been rising by 10% in the first quarter of 2012.
As the economy rebounds, your top performers will be especially vulnerable as other companies target them for new opportunities. You need to quickly understand who is at risk of leaving, what value they bring to the organization, and the financial cost of losing them. Only then can you take action.
This Vital Answers Series -- focused on Turnover -- is designed to provide managers and executives with keys to leverage important, observable and actionable information into effective workforce analytics practices.