Despite the diminishing talent pool, it seems that employees are struggling to retain staff, according to the latest figures from a study by creative recruitment company 1st Executive.
The study of 17 industries and found that retail industry had the highest turnover with 16 percent of retail staff changing employers in the past year. Other industries with high turnovers include property and business services, manufacturing and the health and community industry.
"Our research shows that employee turnover costs Australian businesses $15 billion, with $6 billion being voluntary turnover. It is imperative that Australian businesses, with particular focus on these industries, strategically implement programs to retain their key talent," notes Andrew Thoseby, director of 1st Executive.
New South Wales suffered the highest turnover, with 34 percent of the nation’s rate, followed by Victoria with almost 24 percent.