High staff turnover can cripple a business. Time and time again the biggest constraint to growth of our clients are finding the right people and to then retain them.
NZ’s annual staff turnover survey for 2017 is now out with some interesting results.
Some key highlights out of the report:
- Rate of staff turnover was close to one in five staff in 2017. This rate is the same as 2016 and remains the highest rate since 2008.
- While the turnover rate was the same, there was a massive decrease in involuntary turnovers. Only 2.6% of turnover was involuntary and is the lowest rate seen since the inception of the survey in 2006.
- An average of 1 in every 3.5 hires fail within the first year. This is the highest level of first year turnover reported by this Survey and surprisingly passes the level recorded during the Global Financial Crisis in 2008. First year turnover is a key benchmark of recruitment and induction success.
- Retail and Hospitality had the highest staff turnover rates.
- Engineering had the highest involuntary turnover rates.
- Auckland had the highest turnover rates, followed closely by Christchurch, then Waikato and Wellington.
- Rest of North Island had the lowest turnover rates.