Work flexibility has also continued to be a very high priority for candidates, and could be a key lever in reducing turnover. Whether your employees are consultants, engineers, or frontline workers, they may be eager to improve their compensation - and there’s a growing sense that jumping ship is the best way to do that. Since then, the pressure to boost compensation has only increased as inflation has spiked worldwide. Companies would be remiss if they didn’t consider whether they can improve compensation in those cases.” These workers have been in high demand lately and are pushing for higher pay and more training opportunities, according to a recent survey.Īs LinkedIn’s chief economist Karin Kimbrough told us back in October, “For in-person roles during COVID, there’s an added element of wanting to be compensated for a perceived risk. The other top industries with above-average turnover - entertainment, accommodation, and retail - all rely heavily on an in-person workforce of frontline employees. Surprisingly, some tech companies might actually welcome higher turnover rates, as recent reports suggest that some leaders are growing concerned about productivity relative to their number of employees. Workers with tech skills remain in high demand, and employees in engineering roles have an above-average turnover rate. The tech and media industry saw the second-highest turnover rate at 12.9%.
Companies seem to agree - KPMG recently announced they were going to raise salaries for about 30,000 employees. Now it’s gone through the roof.”Īlong with burnout, the article also suggests stagnating compensation as a reason many people are leaving. “But over the last decade, it had gotten to its max peak - before we even hit the pandemic. “Our industry is set up to burn people out,” Jeff Phillips, founder of Accountingfly, told Fast Company.
#Employee turnover rate professional
The industry with the highest turnover rate, according to LinkedIn data, is professional services - a sector that includes companies like the Big Four accounting firms, as well as business and IT consulting organizations.Īs a recent story in Fast Company illustrates, turnover is nothing new for the accounting industry - but it is reaching new highs. Industries with high employee turnover: professional services deal with the most churn Read on to see which sectors feel like a rapidly revolving door - and which feel more like a tame merry-go-round in comparison. The disparities get even wider when we look at industries. Meanwhile, enterprises boast a lower turnover rate of 9.9%. For instance, small and midsized businesses (SMBs) have a turnover rate of 12.0% - significantly higher than the overall average rate of 10.6%. Today, we take another look at turnover rates, this time through the prism of the company itself.
Recently, LinkedIn shared how turnover rates vary across different functions, revealing, for example, that people in HR roles had the highest turnover rates (14.6%), while folks in administration had the lowest (7.8%). It’s the difference between constantly reacting and proactively planning. Once you have the data to anticipate turnover, you can act to retain key employees and recruit new ones ahead of time. One thing that helps: arming yourself with insights. No one wants their business to be a revolving door. Seeing a spike in your company's turnover is liable to cause a spike in your blood pressure.
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