On a global scale, half of HR professionals believe employee turnover will grow during the next five years, according to survey by Right Management, the talent and career management sector ManpowerGroup.
"About a third foresees no change, and a minority a decrease all of which points to greater turnover than organizations have been used to dealing with in the past decade,” says Bram Lowsky, executive vice president of Americas at Right Management.
Of the surveyed countries, those expecting turnovers are North America at 59 percent, Asia Pacific at 58 percent and Europe at 41 percent, for a global average of 49 percent.
"There's no such thing as typical or average turnover," Lowsky says. "Turnover varies widely from industry to industry. Moreover, some turnover is healthy, but high turnover is a top concern for all organizations everywhere. Yet, unless current expectations are wrong, most employers are soon going to have to cope with more loss of talent and know-how, greater recruitment and training costs, and all the turmoil entailed with people leaving and waiting for their replacement.
"And aside from the tangible costs, organizations may lose business opportunities as well as momentum as the constant departures will likely undermine the trust and engagement of remaining workers."
Lowsky recommends employers put forth greater efforts at recognizing and retaining important contributors. Of the respondents, only 14 percent globally believe employee turnover will drop.
The survey includes responses from more than 2,000 internal and external recruiters, human resource executives and hiring managers from 17 countries.