The Average Worker stays at his or her job for 4.6 years.
According to the US Bureau of Labor Statistics, 4.6 years is the average time that workers stay at one company. Meanwhile replacement costs can reach as high as 50% to 60% of each employee’s annual salary, with total costs associated with turnover ranging from 90% to 200% of annual salary. Companies need to develop quality retention plans to reduce turnover and keep their top talent while minimizing costs associated with turnover. The use of proven retention strategies can go a long way in employee loyalty and developing people within the organization. Reported by Aebersold, VP of Pro Staff in The Staffing Stream.
