The Impact of Employee Turnover Rate on Your Business and How to Improve It
Source: sitthiphong Did you know that the average voluntary employee turnover rate in the U.S. from 2023 to 2024 is 13.5% ? This means that, on average, about 13 out of every 100 employees leave their jobs each year. For any business, this can be a huge challenge. I learned this when I started managing a small team. At first, it was not a big deal when a couple of employees left. But over time, more people left, and I ended up spending more time hiring and training than actually getting work done. It started to offend the team’s morale, and getting things done became much harder. That experience showed me how important it is to keep track of your employee turnover rate. This number tells you a lot about how things are going in your business. A high turnover rate might mean there’s something wrong, while a lower rate usually means things are running smoothly. In this article, I’ll explain what the employee turnover rate means, why it’s so important, and what businesses ...