Employee turnover is highest in Queensland, Victoria and New South Wales, 1st Executive's study of the economic implications of employee turnover has revealed, published on July 5th, 2007.

Employee turnover is highest in Queensland at AUD$6 billion or 0.63% of GDP, followed by Victoria at AUD $2.9 billion, and closely followed by New South Wales at AUD $2.1 billion.  Cumulatively, the figures account for over 75% of the national employee turnover rate, currently costing the Australian economy AUD$15 billion.

Andrew Thoseby, director of 1st Executive says "whilst these figures are reflective of our increasing temporary workforce, they do demonstrate a more buoyant employment market.  Employees know that there are opportunities out there, and our study on Australian attitudes to work - "The Great Divide", shows that as many as 75% of employees are ceasing those opportunities to get ahead in their careers". 

Whilst state data is not available for employee initiated turnover, the study reveals that on a national level, employee initiated turnover has increased steadily over the past 3 years, accounting for over 40% of total employee turnover at AUD $6 billion, or 0.63% GDP.  "With the plummeting unemployment figures, decreasing participation rates and ageing population, there has never been a more crucial time for employers to proactively attract and retain key talent", Thoseby concluded.

For information about how 1st Executive can assist in attracting and retaining your key talent, please click here.