Turnover Steady Despite Slowing Economy March 12, 2008 Salary.com survey reveals workers likely to intensify job search
By Jeanie Casison
The United States may be in the wake of a possible recession but the impending crisis doesn't seem to plague unhappy employees who are more concerned about their next career move. According to the third annual Salary.com Job Satisfaction and Retention Survey, 57 percent of 7,000 U.S. worker respondents plan to intensify their job search over the next three months.
The Salary.com survey also provides insight into why employees are actually looking to make the leap. Workers cite inadequate compensation (27 percent), lack of career advancement (19 percent), insufficient recognition (17 percent), boredom (11 percent) and no professional development (11 percent) as the top reasons for leaving their unsatisfying jobs.
Turnover does take its toll. Employers across all industries estimate that it costs approximately $21,000 to replace an employee. The figure is even higher for industries such as biotech where replacement costs surpass the $46,000 mark.
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