The Employee Turnover & Sick Time Statistics Survey, conducted from January to April 2024, gathered data from 148 organizations on turnover and sick time statistics for the calendar year 2023.
Over one-third, 35.8% of participating organizations, reported tracking new hire turnover separately. The overall turnover rate for all industries was calculated at 26.3% for 2023. Organizations are taking action in 2024 to reduce this rate. The overall annual turnover rate for all industries was 18.3% in 2023, a 1.5% decrease from the previous year. The separations, excluding layoffs, were calculated at 17.9%, a 1.5% decrease from the previous year.
The industry with the highest turnover rate in 2023 was the Retail/Wholesale Trade and Social Services, have been in the top five for three consecutive years. Professional/Business Services, which was not in the top five last year, ranked third in 2023. The Other Industry category, which was fifth last year, ranked second in 2023.
On March 8, 2024, the Department of Business, Economic Development & Tourism (DBEDT) announced Hawaii’s unemployment rate was at 3.1% for January, a decrease from 3.6% in March of the previous year. The National US Unemployment rate was reported at 3.9% for February 2024.
In 2024, organizations are implementing various actions to reduce turnover. An emerging trend in talent management is the implementation of stay interviews. These are proactive conversations between employees and their organizations while still employed, aiming to uncover potential issues or concerns that may lead to employee turnover and address them before they escalate.
Currently, 15.5% of survey participants conduct stay interviews, while 20.9% are considering it. Of the participants that conduct stay interviews, 17.4% conduct them annually, bi-annually, and quarterly, respectively. The remaining 47.8% conduct them after three months of hire, monthly, or as needed during varied times. Stay interviews are conducted by Managers 41.2% of the time, by Human Resources 23.5%, and by Supervisors 11.8%. The remaining 23.5% fall into the “Other” category, which includes Directors, CEOs, or varies by situation.
Upcoming Surveys:
- Insurance Survey – to begin in May
- IT Survey – to begin in May
- Professional, Administrative & Management (PAM) Survey – to begin in May
- Salary Adjustment survey – to begin in June
- Law Survey – to begin in June
- Pay Rates Survey – to begin in July