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Wednesday, July 20, 2005

Employee Turnover May Accelerate This Summer

With the US unemployment rate at the lowest level in four years, workers are in a strong position to seek new job opportunities if they are not happy in their current position.

“With more jobs out there, employees are analyzing their current situation and sometimes think they can find a better opportunity elsewhere,” said Denise Gians, Motivation Product Manager for Sunrise, Florida-based G.Neil, a human resource support company. “Employees who choose to leave impact a company’s morale as well as the budget.” G.Neil estimates that hiring and training a new employee can cost a company anywhere from a few thousand dollars to $100,000.

Moreover, a recent survey by London-based Video Arts has found that 34% of workers aged 18 to 24 planned to change jobs in 2005. The survey also found that 14% of those interested in leaving will do so after a summer vacation, when they feel refreshed and have a renewed perspective on their lives, and that 11% plan to leave in the fall so they can be settled in a new job before the holiday season.

Source: Hermann Trend Alert