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Vo Hoai An Phan21887 - People AnalyticsStudent ID: 14105252Lecturer: Robyn JonhsTopic: What is the current turnover rate in Australia andhow can Pub Co forecast and monitor a voluntaryturnover rate within the company?1.Executive Summary
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Vo Hoai An Phan21887 - People AnalyticsStudent ID: 14105252Lecturer: Robyn Jonhs2. IntroductionAccording to conventional wisdom, turnover is believed to affect an organization'sexpenditures both directly and indirectly (Mercer 2004). Furthermore, the detrimental impactof talent migration on overall performance must be considered (Richardson 2005). Becauseof this, employee retention helps reduce the negative repercussions of turnover (Horwitz etal., 2003). However, one crucial question to consider when discussing turnover and retentionis "Is it always advantageous for the firm to retain employees?" According to Hansen (2005),a key difference must be established between employees who must be retained and thosepreferred to go.In February 2018, a total of 1.88 million individuals lost their jobs. Around two-thirds (1.24million, or 66%) left their jobs voluntarily, whereas one-third (640,000, or 34%) departedinvoluntarily. The most often cited reason for leaving a job was a desire for better workingconditions or a change in a career path (23.8%). In the year to February 2018, 16.0% ofemployees in the hotel industry changed occupations, followed by administrative services(12.3%) and IT, media, and telecommunications (11.9%). Agricultural employees were theleast likely to switch jobs in the past 12 months, followed by education and health careprofessionals (Ai Group Economics and Research Team, 2018). Recent data shown13 millionpeople were employed in February 2021. Nearly half, around 46%, had worked for at leastfive years, up from 44.3 % in February 2020. Around a quarter, 23% had worked for the firmfor more than 20 years. Additionally, 17.6 % of employed individuals had been in their jobsfor less than a year, down from 18.5 % in February 2020. The proportion of employees whohave been in their current job for one to four years has declined similarly since 2020, from37.2% to 36.0%. Furthermore, 7.5% (975,000) of workers changed occupations or enterprisesin the year to February 2021. It was lower than the previous projection for the fiscal yearending February 2020 (8.1%) and somewhat lower than the previous record-holder for thefiscal year ending February 2017. 7.7%. (Australian Bureau of Statistics, 2021).

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