FOR IMMEDIATE RELEASE
Media Contact: Kathryn Klopfer, Marketing Communications & PR Manager
[email protected] | 262.696.3426
Overall Job Turnover Rates Dropped to 23% in Past Year
MILWAUKEE, WI (February 27, 2024) – MRA - The Management Association recently conducted a comparative study to provide insight into why employees leave employers. Survey results show that the overall turnover rate is at 23%. Turnover is down from last year's all-time high of 25.8% (within the past 5 years). The survey broke out turnover rates for the following Midwestern states: Northern Kentucky/SE Indiana at 29.3%; Illinois at 25.6%; Wisconsin at 24.6%; Iowa at 23%; Minnesota at 20.1%; Ohio at 19.7%
The survey reviewed turnover rate trends by years of service, employee work groups, reasons for turnover, and whether the turnover was voluntary or involuntary—the majority of turnover, approximately 70%, was voluntary.
“With today’s competitive talent market, not only do employers need to work harder than ever to attract and retain top talent, but they also need to be taking proactive steps to reduce turnover as well,” said Kathy Seidel, PHR, CDR, Manager, MRA Recruiting Services. “By understanding why employees leave in the first place and identifying potential issues, organizations can take the necessary steps to address underlying concerns before they turn into turnover troubles.”
Managing employee turnover is essential, but figuring out where it started can be challenging. According to MRA’s survey, the top reasons for employee turnover are:
- Better salary
- Retirement
- Due to performance
MRA suggests by periodically benchmarking salaries, bonuses, incentives, and other benefits against others in their industry, organizations can identify areas where adjustments may be necessary to attract and retain top talent but also help ensure an employee does not leave for a better salary.
The good news is that this year’s turnover rate is slightly lower across all employee groups, except for the executive group. Executives saw an increase in turnover of 10.1% for this year, compared to 8.8% in the previous year. Although production, maintenance, service, and trades positions had a lower turnover rate than last year, they again had the highest turnover rate of all groups, with one in three employees leaving their organizations. Following are turnover rates by employee group:
- Executives 10.1%
- Managerial, supervisory, and professional 14.7%
- Office and technical 21.3%
- Production, maintenance, service, and trades 32.6%
There are many actions that organizations can take to counteract the potential impact of employee turnover. The top three actions organizations are taking to reduce turnover include:
- Conduct exit interviews 66%
- Conduct compensation and benefits review 62%
- Invest in employee training/development 60%
“By prioritizing efforts to help reduce turnover rates and creating a workplace where employees thrive, organizations can reduce turnover and successfully retain the employees they worked so hard to find in the first place,” added Seidel.
The 38-question survey, which included 533 participating organizations, was conducted from December 2023 to January 2024. To obtain a copy of MRA’s complete 2024 Turnover Survey, contact the Surveys team at 800.488.4845 ex. 3508. or email at [email protected].
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About MRA - The Management Association: Founded in 1901, MRA is a nonprofit employer association that serves 5,000 employers, covering more than 1 million employees worldwide. As the largest employer association in the nation, MRA helps its members thrive by offering comprehensive HR services, talent management, learning and organization development opportunities, and total rewards planning. MRA helps organizations build a successful workplace and robust workforce. Headquartered in Wisconsin, MRA has regional offices in Iowa, Illinois, Minnesota, and Ohio. To learn more about MRA, visit www.mranet.org.
