CIPD survey shows lowest rate of labour turnover in four years

January 2004
Management Services;Jan2004, Vol. 48 Issue 1, p5
Academic Journal
The article presents information on a survey conducted by the Chartered Institute of Personnel and Development (CIPD) about labor turnover in Great Britain and Ireland. The survey shows that labor turnover for all employees stands at 16.1% in 2002. This is the lowest it has been for the past four years and compares with 18.2% in 2001 and 26.6% in 2000. This slowdown reflects somewhat sluggish economic growth--labor turnover is always at its highest when the economy is strongest and labor markets tight. Based on the survey, labor turnover in Ireland stands at 10%. The CIPD is urging organizations to calculate the true costs associated with the departure of an employee including all direct and indirect costs incurred as a result of the resignation and replacing the individual. This will mean recruitment costs, management time, the cost of induction and any training and taking into account that it will take the new incumbent some time to become fully effective in their job.


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