Once the “great recession” ended,
the economy improved, and in many areas of the country, unemployment
rates continue their decline to prerecession levels, which provides
employees looking to make may a change with more options for finding
new employment. Employers should do all they can to avoid losing top
talent.
Turnover occurs when an employee leaves
an employer, usually voluntarily, and must be replaced. When turnover
rates are high, it’s a signal to an employer that it needs to take
a look at its organization to see if it can identify factors that
might be contributing to the turnover rate. There are myriad reasons
for turnover, including, but not limited to, below-market compensation,
lack of flexible scheduling, poor job fit, inadequate training, lack
of career growth, poor direct supervision, or poor organizational
management. Turnover costs can add up quickly when an employer takes
into account lost productivity, costs associated with hiring a new
employee, the cost of temporary employees or overtime to cover the
workload of the person who left the company, and training. Even more
important may be the loss of skill, experience, and customer relationships
associated with the resignation of a valuable employee.