Dive Brief:
- Employers shopping for talent (or looking to keep turnover down) should know that the average cost-per-hire is about $4,100, while the average time it takes to fill a given position is 42 days, according to SHRM’s new Human Capital Benchmarking Report.
- Speaking of employee retention, the average employee tenure is eight years, the annual turnover rate is 19% and the involuntary turnover rate is 8%, SHRM reports, adding that those statistics remained stable when compared to 2015 findings.
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The SHRM report analyzes data collected from the SHRM Human Capital Benchmarking Survey, which polled 2,048 respondents on employment, retirement, compensation, employer-paid tuition and other people metrics.
Dive Insight:
For HR leaders, the SHRM report provides a great deal of useful data, as metrics from the survey could prove helpful in evaluating an organization's operations and practices. The data can be customized to meet specific needs for particular industry sectors, employer size, etc.
Among other SHRM findings:
- 61% of employers offered tuition reimbursement, and the average maximum reimbursement allowed for tuition/education expenses per year was approximately $4,000.
- The average annual salary increase was 2.7% annually; the average target bonus percentage for non-executives was 4.7%, compared to 10.2% for executives.
- Among employers that offer a 401(k), 402(b) or similar plan (92%), an average of 66% of employees participated. The maximum employer match was 6%.
- Just over one-third of employers (34%) had a succession plan. The positions most commonly included in an organization’s succession plan included the executive team (76%), senior management (71%) and middle management (46%).
- Employees in middle management positions had the most direct reports (a median of 8 direct reports) compared to those at the executive level (a median of 5 direct reports).
