Bureau of Labor Statistics, the average annual turnover rate is 57% across all industries, accounting for both voluntary and involuntary turnover. This is yet another way in which the so-called 'Great Attrition' differs radically from previous downturn-and-recovery cycles of the labour market, and yet another sign that employers may be out of touch with just how hard the last two years have been for their workers.īased on this, we've decided to look for an answer to the question that probably all managers and HR leaders often ask themselves - what's the real cost of losing an employee and the consequences for the company?Īccording to a 2020 study by the U.S.

However, what is interesting and different about these survey results is that 36% of the people who have quit in the last six months have done so without looking for a new job. The fact is that there has always been turnover. The options are increasing, and with more employers offering remote working choices, these otherwise 'safe' employees could change their minds at any moment.

In addition, 53% of the employers said they are experiencing higher voluntary turnover than in previous years, and 64% expect the problem to continue - or worsen - over the next six months.ĬEOs may prefer to take comfort in the fact that 60% of employees have said that they were not at all likely to leave their jobs in the next half-year, but employers shouldn't consider this 60% 'safe' from the prospect of attrition either. The data shows that 40% of the surveyed employees said they are at least somewhat likely to quit in the next three to six months. According to a McKinsey study, a record number of employees are quitting or planning to leave their jobs in the next 6 months.

Average cost of employee turnover