![]() ![]() “But over the last decade, it had gotten to its max peak - before we even hit the pandemic. “Our industry is set up to burn people out,” Jeff Phillips, founder of Accountingfly, told Fast Company. The industry with the highest turnover rate, according to LinkedIn data, is professional services - a sector that includes companies like the Big Four accounting firms, as well as business and IT consulting organizations.Īs a recent story in Fast Company illustrates, turnover is nothing new for the accounting industry - but it is reaching new highs. Industries with high employee turnover: professional services deal with the most churn Read on to see which sectors feel like a rapidly revolving door - and which feel more like a tame merry-go-round in comparison. The disparities get even wider when we look at industries. Meanwhile, enterprises boast a lower turnover rate of 9.9%. For instance, small and midsized businesses (SMBs) have a turnover rate of 12.0% - significantly higher than the overall average rate of 10.6%. Today, we take another look at turnover rates, this time through the prism of the company itself. Recently, LinkedIn shared how turnover rates vary across different functions, revealing, for example, that people in HR roles had the highest turnover rates (14.6%), while folks in administration had the lowest (7.8%). It’s the difference between constantly reacting and proactively planning. Once you have the data to anticipate turnover, you can act to retain key employees and recruit new ones ahead of time. ![]() One thing that helps: arming yourself with insights. No one wants their business to be a revolving door. Seeing a spike in your company's turnover is liable to cause a spike in your blood pressure.
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