It includes those who exit voluntarily as well as employees who are fired or laid off-that is, involuntary turnover. What Is Employee Turnover?Įmployee turnover refers to the total number of workers who leave a company over a certain time period. They actively manage their career development programs and look at total compensation metrics in context of the cost of replacing top performers. They hold managers responsible for keeping the lines of communication open with their reports. These factors are too important to leave to chance, so the most successful firms use data to ensure excellence: They compare their attrition rates with national and industry-specific benchmarks. How successfully a company hires, onboards, manages and rewards its people is fundamental to success. As a consequence the index of industrial turnover is now more than 30 % higher than the index for industrial production.East, Nordics and Other Regions (opens in new tab) In general the connection between both indicators was relatively close as is indicated by Figure 2 which represents the seasonally adjusted monthly indicator values for turnover and production in industry for the years 2005 - 2022.įigure 2 also shows that since the end of 2020 industrial production more or less stagnated while industrial turnover grew quite dynamically (with an average monthly rate of 1.4 %). production figures include stocked good which are not yet sold. Apart from the influence of price changes which constitute a differences between turnover and production volumes there are also some other methodological differences, e.g. It is therefore a value indicator that is influenced by two factors: changes in prices of the traded industrial goods and changes of the traded volumes of goods. The turnover indicator in industry represents the development of sales in industry. All countries for which data are available recorded positive rates of change, which were particularly high in Lithuania (29.0 %), Belgium (25.8 %), and Greece (25.3 %).
The drop in turnover was particularly strong in Luxembourg (-15.1 %), France (-12.9 %), Greece and Spain (both -12.1 %), and in Portugal (-12.0 %) while in and Latvia (2.2 %) and Ireland (1.9 %) industrial turnover increased.Īs a result of the recovery after the pandemic, and also as a consequence of increasing prices, industrial turnover increased quite dynamically in 2022 (EU 15.4 %, euro area 15.1 %). There were, however, noticeable differences between countries. In the EU, turnover in industry decreased by 9.7 %, in the euro area even by 10.5 %. The 2020 data are clearly influenced by the Covid-19 pandemic. In the following years, rates of change were generally rather low or even negative, only in 20 did almost all Member States regain positive growth levels which generally continued in 2019 albeit at a lower level. In 2009, industrial turnover dropped in all EU Member States. Particularly high average growth rates were experienced in Belgium, Bulgaria, Romania, Croatia, Slovakia, and the Baltic countries. During the growth phase between 20, all EU Member States (with the exception of Malta) continued their industrial expansion, which had already started some years before. Table 1 shows the annual rates of change of industrial turnover (mining and quarrying and manufacturing) in the European Union, the euro area, the EU Member States and some other countries for which data are available (calendar adjusted data). In recent months, industrial turnover continued its dynamic development – mainly as a result of increasing prices. In the first months of 2021, turnover in industry regained the pre-crisis level of February 2020. The following months from May to July saw a rapid recovery. In February 2020, the Covid-19 crisis set in and industrial turnover fell by more than one third in just two months.
Only after 2015 did industrial turnover increase again on all markets and surpass the level before the financial crisis. Between mid-20 turnover values in total industry more or less stagnated the non-domestic market showed some decline which was compensated by a small increase in domestic markets. Between April 2009 and July 2011, a steady increase brought turnover values almost back to the pre-crisis level. Within a period of just over one year the index for European industrial turnover fell back to the level of 2005. Industrial turnover in the EU increased steadily until spring 2008 when a rapid decline set in (see Figure 1). Source: Eurostat (sts_intv_m), (sts_intvd_m), (sts_intvnd_m) Figure 1: EU, Monthly index of turnover in industry, total, domestic and non-domestic, 2005 - 2022, seasonally adjusted data (2015=100)
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