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Staff turnover refers to :: the loss of employees by a business who leave for a variety of reasons.
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The level of staff turnover is indicated through the total percentage
- (measured as % of workforce)
- average in Australia is usually 12-15% per year
- around half of which being voluntary
- often fluctuates with economic cycle
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Turnover varies greatly between different industries
- e.g. hospitality: 90%~/annum
- important for businesses to benchmark turnover against that of other businesses in the same industry.
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==high labour turnover is VERY expensive, includes:==
- entitlement payouts
- Hiring, inducting, & training new staff (on-costs)
- loss of knowledge and employee commitment/loyalty