| Upper Saddle River, N.J. - May 25, 2006 - | | | | |
| Compensation Resources, Inc. has released the | | | | It is interesting to note that the survey |
| results of its 2006 Turnover Survey. The | | | | identified a shift in the motivators noted by |
| purpose of this study was to obtain turnover | | | | employees for leaving the organization. |
| statistics and trends from a broad range of | | | | While better pay and benefits were noted as |
| industries and company sizes. Data was | | | | the top reason for leaving an employer in |
| collected in April and May 2006, and was | | | | 2004, it has been replaced with the desire |
| compiled from survey questions that were | | | | for better opportunities and increased |
| developed by CRI and distributed to companies | | | | responsibilities in the 2006 study. More and |
| in over 12 industrial classifications, | | | | more, employees are seeking to improve their |
| representing publicly-traded, privately-held, | | | | abilities and be recognized for their work, |
| and not-for-profit organizations. | | | | and are no longer solely motivated by pay |
| | | | alone. |
| Results indicated that for the twelve-month | | | | |
| period ending March 31, 2006, the average | | | | Companies put into effect many programs to |
| voluntary turnover rate was 14.3%. Overall, | | | | alleviate turnover concerns. Among survey |
| respondents indicated this rate has either | | | | responses, 55% reported implementing enhanced |
| increased (39%) or remained the same (36%) as | | | | communication with employees, followed by |
| compared to the prior 12-month period. Only | | | | improved recruitment and selection process |
| 25% of participants indicated the voluntary | | | | (17%) and updated job descriptions (17%). |
| turnover rate has decreased. Since the | | | | Open communication with employees, |
| turnover study completed in 2004, results | | | | particularly in the areas of job coaching and |
| indicate that both voluntary turnover and | | | | performance improvement, assist managers and |
| overall turnover have slightly increased in | | | | employers in creating a positive environment |
| 2006. Respondents within privately-held | | | | for feedback, encourages improved and |
| companies reported higher voluntary turnover | | | | increased performance, and often leads to |
| rates than publicly-traded companies and | | | | increased job satisfaction. |
| not-for-profit organizations. | | | | |