As unemployment rates begin to level off and the economy begins to show signs of improvement, companies across the country are hopeful 2010 will be a better year. The newly released BenchmarkPro survey results show 91.1 percent of organizations are actively recruiting personnel. Although the total turnover rate across all industries was 16.3 percent in 2009, companies are still on the lookout for new talent.
The newly released results found turnover rates were lowest in the Midwest at 15.7 percent, which was followed by organizations in the Northeast at 15.8 percent. The South Central region had the highest turnover rates at 17.6 percent.
Turnover also varied by industry with the lowest rates reported in utilities, 7.1 percent. Respondents in banking and finance reported turnover rates at 18.6 percent. The highest turnover rates were reported within the hospitality industry, 31.1 percent.
"Even though unemployment rates are high, companies still struggle to find candidates who are qualified to fill open positions," said Amy Kaminski, manager of marketing programs for Compdata Surveys, the nation's leading compensation and benefits survey data provider. "Hiring an employee with the right skills will be paramount to a company's success in the coming months, particularly as the economy begins to rebound."
To fill these gaps, companies used a variety of recruitment methods to attract new employees. The 2009 BenchmarkPro results report the most widely used recruitment method was advertising on the internet, 77.1 percent. Newspaper advertising and employee referral programs were prevalent at 65.1 and 53.6 percent, respectively. Trade and professional association advertising was used by 33.9 percent of organizations, compared to sign-on bonuses at 31.8 percent.
About the survey
BenchmarkPro contains data on over 250 benchmark titles. Data is collected annually from employers across the country. The results provide a comprehensive summary of pay data and pay practices with an effective date of March 1, 2009.
Compdata Surveys is the nation's leading compensation and benefits survey data provider. Thousands of U.S. organizations provide data each year ensuring the reliability of our results. Compdata Surveys has been providing comprehensive data at affordable prices to organizations from coast to coast since 1988. For further information about the compensation and benefits surveys, contact Amy Kaminski at 800-300-9570.