SOURCE: Equifax Workforce Solutions
ST. LOUIS, MO--(Marketwired - Mar 31, 2014) - Equifax Workforce Solutions, a leader in human resource, analytics and verification services, today announced the introduction of Workforce Insights, which provides data on voluntary employment trends. This unique workforce research shows a growing trend in voluntary turnover, which increased 3.5 percentage points in 2013 from the previous year, despite persistent economic uncertainty and high unemployment trends.
Workforce Insights is a free online resource that provides employers with real-time access to important labor and employment trends. Based on transactional employment data, rather than self-reported and survey information, Equifax Workforce Insights indicate that more than 48 million job separations took place in 2013. Trends from 2013 indicate that nearly 40 percent of those employees left their jobs after less than six months, costing employers valuable resources, time and money in the process.
"In today's economic landscape, it is critical that businesses understand key employment trends to manage costs and to gain competitive advantage," said Mike Psenka, senior vice president of Workforce Analytics for Equifax Workforce Solutions. "By understanding turnover trends, businesses can make informed decisions that drive business growth. This research is just one way Equifax Workforce Solutions is helping employers understand and navigate the evolving employment landscape through unique and actionable workforce insights and innovative HR solutions."
The 2013 data also revealed unique insights based on geography, industry and employee separation causes:
- Turnover rates were highest in Alaska, Wyoming, Oklahoma, Utah and Louisiana. While Utah had one of the highest rates at 53.6 percent, it also boasted the lowest percentage of layoffs in the country at 16 percent.
- The vast majority of turnover in the retail industry (73.7 percent) was voluntary.
- Employee dissatisfaction accounted for 19.5 percent of voluntary turnover in the real estate industry; which is 15.6 percentage points above the national average (3.0 percent).
- Voluntary turnover due to another job opportunity was 24.2 percent in the computer and electronic manufacturing industry; that's 8.3 percentage points above the national average (15.9 percent).
These trends and more are available in "Employee Turnover Trends in 2013."
"Equifax is dedicated to delivering new workforce analytics insights on current labor trends and the solutions that will help our clients address them," commented Dann Adams, president of Equifax Workforce Solutions. "We combine unique data-based insights with regulatory thought leadership and best-in-class technology to help employers strategically manage their workforces for outstanding business results."
For more information, visit the Equifax Workforce Insights website.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers. Equifax Workforce Solutions (also known as TALX), an Equifax business unit, is a leading provider of human resource, analytics and verification services.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifaxworkforce.com or www.equifax.com.