A Qualtrics study shows that some industries are experiencing high turnover rates, which can be costly for workers and business owners alike. If you’re a restaurant owner with a 50-employee staff, according to this data, you’re facing a 4.7% turnover rate in your industry. That means two departing employees a month, and when it costs about $5,000 to replace an employee, you’ll lose $150,000 a year due to turnover. This isn’t just an outlier in the restaurant industry. The team showed multiple industries where turnover is a problem. For example, the arts and entertainment sector has a high turnover rate, which is no surprise given that gig work is the norm. But gig work can lead to wage issues and other problems that have led to strikes in the industry. Workflow disruptions, low morale, and inflexible work schedules lead employees to quit. The most stable industries on the chart are finance and the federal government, with employees who experience low layoff and quit rates and access to supportive benefits.
infographic by: www.qualtrics.com
