The voluntary employee turnover rate is soaring, reaching levels rarely seen in the last 20 years. For March, the average for the private sector was 2.7%, which translates into an annual voluntary employee turnover rate approaching one-third.
Imagine the impact to a company of losing every third worker, yet that is what many businesses are facing. For restaurants, hotels and motels the employee turnover rate is even worse, a stunning 5.3%.
Now add in the number of workers retiring, fired and laid off and the average national private sector employee turnover rate – total worker churn – stood at 4.1%.