According to LinkedIn data, these industries have the highest and lowest turnover rates. Research conducted by S&P Global shows that, worldwide, the discretionary consumer sector had the highest billing rate, at 20.5% percent. The sector includes a wide range of industries, such as specialty retail, automotive, media and electronics. Healthcare (13.2%), IT (12.7%), finance (12.6%) and manufacturing (11.8%) are among the most difficult industries when it comes to voluntary rotation.
The U.S. retail and wholesale industry The U.S. has the highest billing rate, at 24.9%. Meanwhile, the chemical industry enjoys one of the lowest turnover rates, at just 9.1%.
In addition, technological advances and automation are reducing the demand for labor in these industries, creating job insecurity and encouraging workers to explore new career paths. Turnover varies from sector to sector due to factors such as demand for employment, workforce expectations, and economic conditions. While this suggests that there are fewer employees leaving their jobs compared to previous years, turnover remains a challenge in certain sectors and work levels. If your company suffers from high employee turnover, you are at a disadvantage, if you excel at retention, the benefits go beyond what can be easily quantified.
As a result, employees are less likely to leave their jobs in search of better opportunities, which ultimately reduces turnover and contributes to a more stable and productive workforce and, in turn, reduces the chances that their company will contribute to negative future turnover statistics.
