07 LOWER EMPLOYEE TURNOVER

The shortage of skilled labour is a consistent challenge . The UK struggles to recruit for one in three roles , while 80 % of general contractors in the US face challenges hiring qualified workers . Voluntary turnover – when employees choose to leave the business – is a big issue . Experienced workers take skills and

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knowledge out of the organisation when they leave , while the cost of replacing an employee is estimated to be one third of their annual salary . Levels of trust appear to have a direct impact on retention , as the firms with the highest trust report the lowest voluntary turnover . Turnover rates are good – staff are choosing to stay – at the majority of firms with the highest trust ( 56 %), compared to nearly a third of firms ( 32 %) where trust is above average .

APRIL 2020