The high costs of staff turnover

WORKERS are in a phase of being footloose and fancy-free. The proportion of Americans leaving their jobs voluntarily is at a 17-year high. A survey by Gallup in 2017 found that around half of American employees were hoping to leave their current job.

Some of this is cyclical. The unemployment rate is 3.9%, close to its lowest level in the past 50 years. Workers rightly think that it will be easy to find a new job. But there is also a structural problem in some industries. The hospitality sector, for example, is largely staffed by low-paid, low-skilled young people. In Britain the industry’s annual job turnover is as high as 90%, says Polina Montano, co-founder of Job Today, an app that links employers with potential workers.

It is tempting to blame this restlessness on millennials—people who reached adulthood after 2000 and who are sometimes portrayed as being less committed to their careers than their seniors. Another Gallup survey, this one in 2016, found that 21% of the...

via Business Feeds

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