DESCRIPTION:
The purpose of this study was to obtain turnover statistics and trends, and also provide a comparison to the results reported in the 2006 Turnover Survey. Data was compiled from survey questions that were developed by Compensation Resources, Inc. and distributed to companies in over 14 industrial classifications. The survey sampled turnover data from 166 organizations, collected in October and November, 2008.
Compensation Resources, Inc. has conducted this Turnover Survey every two (2) years, which provides a record of the voluntary and involuntary turnover of a cross section of industries, across the USA. This year’s results are based on information as of September 2008, and show a significant increase in overall turnover, mostly due to layoffs and bankruptcies caused by the financial crisis and global recession. Overall turnover registered over 23%, which does not include the huge number of forced terminations resulting from the mass layoffs impacting many companies since our data collection period.
Given today's economic environment, companies are most impacted by involuntary turnover as a result of downsizing, staff reductions, etc., that are necessary to ensure survival. However, companies need to take great care to keep the remaining employees as these are the individuals who will contribute to the company's future. Regardless of the state of the economy, turnover is a vital human resource concern that must continually be addressed, with actions that are appropriate to both internal and external factors.
