The retail industry faces a myriad of challenges in maintaining a skilled and engaged workforce, from labor shortages to evolving consumer preferences. With a vast number of entry-level positions, retailers are operating with fewer employees per store than ever before, making each staff member's absence critical. High turnover rates are influenced by seasonal demand, changing consumer behaviors, and the allure of alternative employment options offering flexibility. To combat this, retailers are focusing on competitive wages, enhanced benefits, and clear paths for career advancement to retain employees. Additionally, embracing technological innovations and offering training in digital practices help attract and retain talent adaptable to industry shifts. Tactical retention programs, including flexible scheduling and employee wellness initiatives, are also implemented to improve retention rates. Utilizing exit interview software provides valuable insights into employee needs and preferences, aiding in long-term talent success. In a competitive landscape with thin profit margins, reducing turnover remains essential for sustained operational efficiency in the retail sector.
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US Employee Turnover Report Overview
Data extracted from United States Bureau of Labor Statistics (Employment & Unemployment Release), September 2023
This Turnover Trends report contains the average monthly and annual Voluntary
employee turnover rates across major U.S. industries over the past 10 years.
Compare your organization’s turnover rate with its industry
average. See if your employees quit at a higher, similar, or lower
rate than your competitors.
The heat maps herein indicate the monthly turnover rate during the 10-year period from 2013 to 2023
Darker red indicates higher turnover rates compared to same month over past 10 years
Darker green indicates lower turnover rates compared to same month over the past 10 years
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Employee Turnover Rate Definition
EMPLOYEE
TURNOVER
RATE
=
Number of Employees Separated
Average # of Active employees during Time
Period*
X 100
Aggregate turnover ≠ Actual Turnover
• Not all turnover is created equal
• Aggregate turnover rate alone can be misleading
• Target key employee populations to pinpoint opportunities &
areas of focus and for accurate reference for impact
• Examples: Engineers in London…Millennial Sales Associates…
Women Directors and above…3+ Year Tenured Accountants
Remember: Precision Produces Prediction
Distinguish different “Types” of Turnover:
• Voluntary
• Involuntary
• Retirees
• Transfers
• Interns
• Contract Positions
(Are you asking each Type the right questions when they leave?)
*Time Period = Use Daily Average or (Active # on 1st day of period + # on Last day of period) / 2
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Want to Calculate Employee Turnover Cost?
CALCULATE
COST OF EMPLOYEE TURNOVER
HERE
CLICK LINK ABOVE to Estimate Your
Total Organization & Per Employee
Turnover Cost Calculation for Free
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Retensa: Talent Technology Solutions
www.retensa.com | 212.545.1280
Who is Retensa?
Internationally-recognized employee retention experts by:
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Retensa: Talent Technology Solutions
www.retensa.com | 212.545.1280
What does Retensa do?
Retensa is a global leader and innovator of
Employee Experience Insights
Employers receive data-driven solutions for predictive analytics. Mined from demographics, key
interactions, and real-time trends, the insights revealed help to create a high performing workforce.
Talent Management Services
• Cost of Turnover Analysis
• Exit Interview Outsourcing
• Merger & Acquisition Tracking
• Retention Skills Training
• Talent Analytics Program Design
• Turnover Diagnostic
Organizations in 59 countries and 21 languages choose Retensa for:
Cloud Software Technology
• ExitPro® Exit Interview Management
• HRMetricsPro™ Talent Analytics Suite
• TalentPulse® Employee Experience Platform
• Candidate, New Hire, Engagement, Stay Interview,
Diversity Surveys, 30-60-90 Surveys, etc.
• 360 Degree Assessments, Upwards Evaluations,
Performance Checks
• Employee Pulse Feedback
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Retensa: Talent Technology Solutions
www.retensa.com | 212.545.1280
Where does Retensa manage Employee Insights?
Across 59 countries and 21 languages, Organizations choose Retensa in:
