In October 2013 great{with}talent collated data on staff attrition rates and staff turnover rates in the UK. Alongside these results, see their predictions for staff retention in 2014.
Staff Attrition Rates and Staff Turnover Rates 2013
great{with}talent collected research on staff attrition rates in the UK. The findings show the levels of job tenure and regional patters in industry sectors. Alongside staff retention figures and overall staff turnover rates.
Furthermore they catalogue the staff retention challenges that companies face with what organisations are doing to improve employee retention. These lead to predicted staff attrition rates.
Finally great{with}talent offer the impact of staff attrition rates on the bottom line. You can see all these figures in the below slideshow.
Read: How to Calculate Staff Turnover Rate with Exit Process Cost Calculator.
Over the last four years more and more companies are admitting to staff retention issues. The last four years has seen a marked increase in staff attrition figures. Moreover, talent retention is the area that has seen the most difficulty with managers and specialists.
It’s clear that the war for talent remains strong in the technology, finance and professional services sectors. Whilst utilities, retail and leisure continue to be the most volatile.
The general rule is, the larger the organisation the longer an employee stays. Regionally the lowest job tenure is in Scotland and London. The highest is in Yorkshire, North West and North East England.
The typical costs for recruitment, onboarding and training mean that staff attrition has a significant impact on any organisation. Furthermore, there are indirect costs such as lost sales and brain drain which incur more loss to a company.
These findings show the importance of recruitment and retention. Employee engagement is often overlooked but it’s only becoming more important as the fight for talent is increasing with the threat of skills shortages.
Contact great{with}talent and understand why employees leave with their online exit surveys called LastOpinion.
(Main image from Elk2)