Economy
Burned Out? Take a Sabbatical
In 2009, the U.S. Navy started offering a career break to help retain service members. Now the other armed forces—and private companies—are following suit.
According to a recent report called Calculating the True Cost of Voluntary Turnover, the average turnover rate across the workforce is 13 percent. If an organization has 30,000 employees and that rate of turnover is assumed, the report authors estimate the cost to the organization would be a staggering $427 million per year.
We know that turnover is expensive and that job tenure is low, with a median employment length of less than five years. What’s surprising is that most employers haven’t done anything to address retention, except to keep recruiting and replacing.