Although employee departures continue to plague the workforce, according to the results of an Express Employment Professionals survey, 48% of U.S. hiring managers say their company is experiencing increased turnover, up from 44% in late 2021.<\/p>\n
Employee turnover costs businesses an average of $57,150 per year (cost to rehire, lost productivity). Almost a quarter (23%) of hiring managers estimate that it costs their company $100,000 or more per year.<\/p>\n
According to Express Employment, employee turnover costs companies an average of $57,150 per year, but nearly a quarter of hiring managers said it costs their company $100,000 or more per year.<\/p>\n
Turnover has an impact on more than just a company’s finances; it can also have an impact on its other employees.<\/p>\n
A Employee turnover is a significant burden on existing employees, according to slightly more than 7 in 10 (71%) hiring managers, particularly in companies with 100-499 employees (76%) and 500 or more employees (78%). Companies are having to rely heavily on their current employees due to the added complexity of the current labor shortage.<\/p>\n
Many hiring managers attribute increased turnover this year to employees resigning (34%), increased workplace demands (31%), better pay\/benefits offered elsewhere (31%), and a competitive job market (28%). Employees retiring (26%), better perks elsewhere (e.g., summer Fridays, unlimited vacation days) (26%), better company culture elsewhere (25%) and\/or employees feeling overworked (24%) are cited as reasons for increased turnover.<\/p>\n