1st Executive's study on the economic implications on Employee Initiated Turnover has revealed that employee initiated turnover is costing the Australian economy close to AUD$6 billion annually - that's 0.63% of GDP.

The study, based on data over 19 years, shows that whilst involuntary employee turnover has been on the decline since 1987, voluntary turnover has gradually increased in that span of time.  The cause of this, according to Andrew Thoseby, Director of 1st Executive, is "there are less skilled people available in the Australian labor market, the skilled population is ageing, and therefore employees have a choice.  Many more are excercising this choice."

This data demonstrates to Australian employers, that now more than ever is the time to proactively implement retention strategies that will attract and keep the best talent. 

Published in November, 2006, the 1st Executive report on Australians' attitudes to work - The Great Divide reveals that some Such strategies include:

• Instilling Job Challenge in each role
• Limiting the amount of Job Diversity
• Provide support for Company sponsored training and mentoring programs
• Use Psychometric Testing; identifies key talent and retains your best employees by identifying suitability for promotion
• Install Performance Management Software - instills 2-way regular formal and informal feedback based on the achievement of objectives and focuses management on the discipline of actually managing performance. 

To find out how 1st Executive can assist in reducing your Employee Turnover costs, please click here