New Industry Reports Offer Insight Into Employee Turnover and Retention
One of the highlights of the report is the topic of turnover and retention. Did you know that the cost of replacing an employee (per the Society of Human Resources Management) varies from 50% of their annual salary to 400%? Or that, according to the Pew Research Center, half of twenty-somethings would rather have no job than a job they don't like?
This is alarming for all employers, but is of particular interest to supply chain organizations. The Consortium report reveals that many supply chain industries are seeing higher turnover, particularly in planning, procurement, and manufacturing due to outsourcing and closures.
While millennials continue to pave a path in the industry, it is interesting that the most successful employees either came from another company or as internal candidates making cross-functional moves.
There is also a struggle in supply chains to find the right talent with specialized skill sets. At the same time, current talent is being lured elsewhere for more money.
Since the original Supply Chain Talent Report was released, the Consortium has published five industry breakout reports, including third-party logistics (3PL), consumer packaged goods manufacturers, retail, industrial manufacturing, and distributors/wholesalers.
Be proactive and discover the strengths and weaknesses for talent in your industry. With employee turnover cost rates potentially reaching 400%, we should all be doing our homework on this topic.