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This question is about jobs.
What does high turnover mean?
In an HR context, (high) turnover refers to the number of workers who leave the organization. In most cases, these leavers need to be replaced by new employees. Employee turnover often is a result of poor hiring decisions and bad management. Different industries have different expected turnover rates.
The average turnover rate for all employment is 3.5 percent. Industries with higher turnover rates include food service, sales, construction, and arts and entertainment organizations. Turnover in these industries is well above the 3.5 percent rate, going as high as 6.1 percent in arts and entertainment.
Financial companies, and education and government services tend to have a lower-than-average turnover rate. Education and government are at 1.3 and 1.4 percent, respectively. Consider your industry and whether the turnover rate is high or low for that industry and the national average in general.
Employee turnover happens due to termination, people leaving for a job they believe is better, or because they feel they couldn't develop their career within your company. It is important to keep turnover rates low in order to help a company maintain productivity and overall employee morale.
Recruiting and hiring can be costly as it takes time to train new employees and it often means negotiating things like salaries and more competitive benefits packages. If a company's turnover rate is high, it is important to take the time to understand why and to find a strategic solution.
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