Industries such as healthcare, financial services, manufacturing and professional services are the most affected by high attrition costs, but not. Industries such as healthcare, financial services, manufacturing and professional services are the most affected by high attrition costs, but no organization is immune. While turnover has slowed since the Great Resignation, it remains a pressing challenge, especially in high-tension fields and in competitive talent markets. Despite the overall decline in waivers, certain sectors continue to record high turnover rates, such as healthcare, manufacturing and construction.
While economists officially declare the end of the Great Renunciation, they recognize that certain sectors may still struggle to find and retain workers. Today, healthcare and hospitality are two of the American industries with the greatest labor shortages. The leisure and hospitality industries recorded the highest employee abandonment rates in early 2024, according to a July 9 report from the law firm Schmidt & Clark. Discover the average turnover rates of 5 key industries, the unique challenges each one faces, and the steps employers can take to improve retention.
The U.S. retail and wholesale industry. 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.
