Kansas City, Kan. – Due to mounting economic pressures and an evolving workforce, voluntary and total turnover rates have been slowly increasing over the last four years according to the 2008 Compensation Data results. Although the change between years has been slight overall, some industries, such as Hospitality, Utilities and Manufacturing, are seeing greater differences.
While both voluntary and total turnover have increased over the last four years, voluntary has increased by the largest percentage, about 10 percent. Currently, voluntary turnover is at 12.5 percent for all industries, while total turnover is 18.7 percent. Comparatively, voluntary turnover was 11.2 percent in 2005, and total was 17.6.
Turnover rates vary by industry. Some have seen consistent turnover rates for the last four years. The healthcare industry is one example of this. The Compensation Data 2008 results found voluntary rates have stayed around 15 percent for healthcare, while total turnover has remained near 20 percent. The not-for-profit industry has also seen steady voluntary and total turnover.
Other industries, such as utilities, have seen steady growth from year to year. The 2008 Compensation Data results found voluntary turnover rates have nearly doubled since 2004 when they were 4.6 percent. Manufacturing has seen similar growth in both areas. Voluntary turnover rates have increased by a third since 2006 in the hospitality industry.
Voluntary and total turnover rates were highest in the hospitality industry at 27.2 and 36.9 percent for 2008. Total turnover rates were also high in distribution/warehouse and real estate/construction. Utilities had the lowest voluntary and total turnover rates, 7.8 and 11.1 percent respectively.
About the Survey
Compensation Data 2008 contains data on 637 job titles ranging from entry-level to top executives. Information was collected from millions of employees across the country. The results provide a comprehensive summary of pay data, benefits information and pay practices with an effective date of March 1, 2008.
Compdata Surveys is the nation’s leading compensation and benefits survey data provider. Data is collected annually from thousands of organizations across the country. Compdata Surveys has been providing accurate, reliable data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Lane Odle at (800) 300-9570.
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