FINAL REPORT Final Report - NER 2018 6Mar2018 (For Publication) | Page 87

National Employment Returns (NER) 2018
Figure 4.2 Overall Turnover Rate by MSIC
Detailed Analysis by Sector
In terms of the share of establishments by range of turnover rate (refer to Figure 4.3), most of the
establishments reported turnover rate of less than 10% (44% of the establishments). On the opposite,
about 9% of the establishments had to deal with turnover rate of more than 50%.
As observed in Figure 4.3, 18% of the establishments within the Accommodation & Food Service sector
reported employee turnover rates of 50% and above.
However, the issue of employee turnover should not be taken lightly as it may unravel into dire
consequences such as job dissatisfaction, lower job productivity, increase in cost of retraining, etc. All
these strain the companies’ resources and hinders growth. Short-term turnover, generally defined as
leaving a job within a year of being hired, incurs the highest costs. Therefore, it is crucial for the
establishments to have a long-term strategy for talent acquisition and retention to retain its competitive
advantage.
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