Employee retention rates

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  • Employee retention rates
  • Premier Icon rickmeister
    Subscriber

    Only 7% leave each year?

    pondo
    Member

    I should add that it occurs they would be unlikely to put it in their review if it ISN’T good – just wondered if anyone had anything to compare it to. 🙂

    grahamg
    Member

    Sounds about average – where I work is probably barely 1% a year, and far lower once you rule out retirements. It’s probably worse than a much higher figure as it demonstrates a frustrating failure to show the door to unmotivated, uncooperative, willfully under-performing and incompetent wasters counting down the years to retirement.

    *Edit – in my defense, posting during working hours, I’m a receptionist and there’s a limit to what I can do between phone calls, but forums OK 😉

    Premier Icon tonyg2003
    Subscriber

    It depends on the industry. 7% churn in sales would be amazing. 7% churn in an academic department would be pretty poor. I guess that it’s good for this industry?

    edlong
    Member

    What Tony said ^^^

    Where I work now if it goes over 5% (churn, not retention!) we start worrying.

    I’ve worked somewhere where it was probably more like 50% and that was perfectly okay and expected.

    mudshark
    Member

    Yep depends on the industry, I think my old company was pleased if less than 20% (IT consultancy).

    pondo
    Member

    It’s an IT service provider, so I guess just pretty average then. Cheers for the input fellers. 🙂

    Trimix
    Member

    Also depends if there are jobs available if they leave.

    pondo
    Member

    I’ve applied for a job with a company who state on their annual review that their employee retention rate is 93%. Means nothing to me – is that good?

    Premier Icon jambalaya
    Subscriber

    I worked for an employer who had a policy of letting go the bottom 4% every year (as determined by year end review). Tough but hard to argue with.

    FYI Harvard drops the bottom 10% of it’s 2yr MBA after 1st year. Doesn’t matter how smart you are.

    konabunny
    Member

    where I work is probably barely 1% a year,

    The average employee works there for 100 years?

    Premier Icon mikewsmith
    Subscriber

    I was advised that if they show you the office walk away if they are all new or if they all look like they have been there forever. Staff who never leave means it’s coasting and easy going where anyone with a bit of get up and go leaves very quick.

    eskay
    Member

    Staff who never leave means it’s coasting and easy going

    Or a good company to work for

    geetee1972
    Member

    FYI Harvard drops the bottom 10% of it’s 2yr MBA after 1st year. Doesn’t matter how smart you are.

    Really? Crikey do they give you a refund on your first year’s fees as well?

    Have a look at retention rates for companies in Germany and Japan. They are really high.

    Staff turnover is one of the things that gives UK/US companies the edge in radical innovation, so for example the R&D departments of big technology firms actively want to hire in new people (and if no one is leaving it makes that harder) because bringing in new people brings in new ideas.

    Conversely, the big auto manufacturers in Germany and Japan are more focused on process refinement; so it is in their interests to have the same people building a Golf GTI now as they did 30 years ago because they’ve learned everything there is about how to do that really well.

    It’s one of the reasons why the US/UK lead the world in bringing new drugs to market but not cars!

    Premier Icon Trekster
    Subscriber

    eskay – Member
    Staff who never leave means it’s coasting and easy going
    Or a good company to work for

    This used to be the case at my work who were for many years ” the ” place to get a job as a tradesman or process op. People would leave school, become an apprentice and be there till retirement or redundancy came along. Due to all the crap that’s been going on over the past few years including T&C being eroded, changes in working practices and dwindling numbers meaning little or no progression even if you did shine 19 out of the last 20 that have been on the apprenticeship scheme have upped and left for pastures new much to the annoyance of management 🙄

    Conversely, the big auto manufacturers in Germany and Japan are more focused on process refinement; so it is in their interests to have the same people building a Golf GTI now as they did 30 years ago because they’ve learned everything there is about how to do that really well.

    Can relate to this. A lot of the machinery I work on is 25-40yrs old! It has been upgraded and tweaked over the years and produces way more than originally designed for. As a consequence of demanning at the start of the year I am having to learn how a load more stuff I have never worked on before operates. Can be fun on a night shift!

    the teaboy
    Member

    We’re currently at 8% leave each year but actively looking to increase to 10%.

    It’s a good place to work and looks after its people but more new people would mean more new perspectives and, in a fast-changing industry, we need that.

    joolsburger
    Member

    Glassdoor can be useful for the information on companies at least from disgruntled ex-employees

    http://www.glassdoor.co.uk/Reviews/index.htm

    would be mind expandingly brilliant if it was a state secondary school and teacher retention

    Xylene
    Member

    To put it in perspective

    Our first year we started with 16 members of staff from our original team in September, by January 2013 we had lost 4 of them (one of them was a couple with four kids that managed a midnight flit from here) by start next year we had lost one more.

    This year we have lost one prematurely (pushed not ran) and will have a staff turnover of 14 members of staff out of 26.

    Not great, but not bad for the end of a two year contract.

    CaptJon
    Member

    tonyg2003 – Member
    It depends on the industry. 7% churn in sales would be amazing. 7% churn in an academic department would be pretty poor. I guess that it’s good for this industry?

    depends if you include RAs and postdocs

    FuzzyWuzzy
    Member

    I work for an IT services provider and we used to target (and achieve) around 7% turn-over which apparently was much lower than the industry average, think we’ve just climbed into double figures though but that’s following a big acquisition and a fair bit of restructuring.

    konabunny
    Member

    When I worked in fast food turnover was 30%…a month…

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