Last updated on June 24th, 2019 at 02:31 pm
Turnover rates are on the rise, according to a new member survey from MRA: The Management Association.
It measured an overall turnover rate of 22% at the end of 2018, up from 20.5% among its membership earlier in 2018.
Waukesha-based MRA is one of the largest employer associations in the country. Conducted in December and January, the survey included 665 MRA member companies nationwide.
Broken down by industry, the highest turnover rate was in the production, maintenance, service and trades sector at 28%, up from 26.1% in 2017. Next was office and technical, at 19.2%, up from 18.2% in 2017. Managerial and professional was 14.7%, up from 13.9%, and executives was 9% in the first year the category was measured.
MRA found 72 percent of office and technical workers, 62% of production, maintenance, service and trades employees, 71 percent of managerial and professional employees and 58 percent of executives left their roles voluntarily.
According to MRA’s surveys, the turnover rate has been trending steadily upward over the past five years across industries. And based on demographics and employers’ skill demands, that trend won’t be changing for at least 10 years, said Pat Staaden, chief operating officer at MRA.
Employers must take steps to attract and retain the best employees, Staaden said.
“It’s very difficult to hire right now. There’s no magic silver bullet. It’s a lot of hard work, it’s staying on top of it,” she said. “It’s not letting a candidate sit for days or certainly weeks before you communicate with them.”
It’s helpful to understand that there is no perfect candidate out there, and employers may have to upskill new hires to create their ideal employee, Staaden said. And employers should look at retention as a strategic initiative.
“Culture is still king and too many employers don’t take the time to define really, what is my culture?” she said.
Good managers, onboarding, development and wages and benefits are also key to retention, Staaden said.