Statistics on Employee Turnover: A Key Indicator for Industries

The statistics on employee turnover are a crucial aspect of understanding the current state of various industries and their challenges in retaining their workforce. According to recent reports, the healthcare industry has an average turnover rate of 20.6%, highlighting the significant amount of employee turnover that has occurred in this sector.

This statistic is particularly important for employers in the retail industry, as it provides valuable insights into the current state of the industry and the challenges it faces in retaining its employees. In fact, the retail industry experienced a turnover rate of 60.5% in 2020, which is significantly higher than other industries. The hospitality industry, for example, has the highest employee turnover rate of 73.8%, indicating that this sector faces even greater challenges in retaining its workforce.

The statistics on employee turnover also highlight the importance of addressing this issue in a timely and effective manner. Employee turnover can have significant financial implications for employers, with estimates suggesting that it costs the U.S. economy approximately $600 billion annually.

Furthermore, the statistics demonstrate that certain industries are more prone to high employee turnover rates than others. For instance, the construction industry has a turnover rate of 21.4%, while the information industry has a rate of 21.7%. In contrast, the technology industry has a lower turnover rate of 13.2%.

The data also reveals significant differences in employee turnover rates across different sectors and industries. For example, companies with high levels of employee engagement have a turnover rate of 9%, while millennial employees have a turnover rate of 26.0%. Additionally, small businesses experience an average employee turnover rate of 22.2%, which is higher than larger corporations.

In conclusion, the statistics on employee turnover provide valuable insights into the current state of various industries and their challenges in retaining their workforce. By understanding these trends, employers can develop effective strategies for reducing turnover and improving employee engagement and retention.

Statistics on employee turnover