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Employee turnover continues to increase and is placing an increased burden on the employees left behind, according to a new Harris Poll commissioned by Express Employment Professionals. 48% of U.S. hiring managers say their company is experiencing increased turnover, up from 44% in late 2021.
Employee turnover costs companies an average of $57,150 (cost to rehire, lost productivity) each year. Nearly a quarter of hiring managers (23%) say it costs their company $100,000 or more per year. This turnover also impacts the remaining employees who must pick up the slack of departing co-workers.
More than 7 in 10 (71%) hiring managers said employee turnover places a heavy burden on existing employees—specifically in companies with 100-499 employees (76%) and those with 500 or more employees (78%). A majority of hiring managers (78%) say their company has been affected in some way by the departures, namely having to increase workloads for existing employees (38%).
Hiring managers pointed to several issues as causes of rising turnover:
-employees resigning (34%)
-increase in workplace demands (31%)
-better pay/benefits offered elsewhere (31%)
-competitive job market (28%)
-employees retiring (26%)
-better perks elsewhere (e.g., summer Fridays, unlimited vacation days) (26%)
-better company culture elsewhere (25%)
-employees feeling overworked (24%)
The survey was conducted online within the United States by The Harris Poll between May 3 and May 23, 2022, among 1,003 U.S. hiring decision-makers.