Employee Retention Rates by Industry, Location, & Role in 2022

If retention rates are top of mind for you, you’re not alone. Around the world, companies are scrambling to retain their most valuable employees and minimize attrition. As you’ve probably experienced, replacing staff is expensive. On average, it costs one-half to two times the employee's annual salary. Not to mention that some employees simply can’t be replaced right now.

Use our retention rates tables to help guide your internal retention benchmarks. Our retention rates are gathered from the quarterly figures of 10s of thousands of businesses and offer reliable averages against which you can compare your own retention rates.

Retention rates based on 100 million recent data points

To calculate average retention rates, and recent changes in retention rates, we’ve compiled more than 100 million data points. This allows you to look at retention by industry, location, and role. All retention rates on this page are based on these numbers.

If you’re interested to look deeper at how your industry is performing in a particular location, and for particular roles, drop us an email below. We’re happy to share more in-depth data with you at no charge.

Dive deeper into our data for free

Praisidio makes analysis and data reporting easy with instant answers to your people questions.
Try for free

Retention rates by industry in 2022

Turnover rates by industry

Retention rates by location in 2022

Turnover rates by industry

Retention rates by role in 2022

Turnover rates by industry

How to calculate your employee retention rates

This is how you calculate your employee retention rate. The math is simple:
1. Divide the number of employees who’ve left by the total number of employees at the start of the period.
2. Multiply by 100 to get a percentage.
3. Subtract the result from 100.

For example. You have 200 employees. 12 quit within a period. Your retention rate = 100 - ((12/200) X 100) = 94%

Instant people analytics for free

Praisidio makes analysis and data reporting easy with instant answers to your people questions.
Try for free

How to improve employee retention rates

On a positive note, retention rates showed a tendency towards improvement between Q3 and Q4 of 2022. This offers much-needed hope after a tumultuous last two years.

For most companies, however, retention rates are still lower than ideal and are likely to be impacting operating costs and employee performance.

At Praisidio, we help large corporations improve their retention rates at scale. From our experience, the first step is diagnosing retention risks (using talent intelligence), then systematically working to reduce those risks at all levels from departments to individuals.

Once you’ve diagnosed your retention risks, these are the strategies we recommend for improving your employee retention rates across locations and roles. We’ve organized the steps you can take by the retention problem they help solve.

Keep in mind that it’s often a mix of factors that cause a drop in retention rates, so you may need to implement strategies from multiple problem areas.

When management change is impacting your retention rate

Frequent changes in management can lead to instability and uncertainty for employees, which can increase the risk of resignations. These steps can help bring your retention rate under control.

When workload or burnout is causing employees to quit

If an employee is feeling burnt out due to excessive meetings or demands, there are steps you can take to help alleviate their workload and reduce burnout.

When resignations are driving other employees to resign

If an employee's peers and collaborators have resigned recently, it can increase the risk of them resigning as well. These ideas can help minimize the domino effect of key resignations.

If other companies are offering more compensation

Compensation can cause resignations when your company is unable to pay as much as other companies. When your employees receive job offers with higher salaries, try these strategies.

If micromanagement is driving your retention rates down

Too much micromanagement and too many manager 1:1s can be triggering for a lot of employees. Keep the following strategies in mind if too much manager intervention is triggering resignations.

When disconnection is hampering retention

If an employee is not having regular one-on-one meetings with their manager, it can make them feel disconnected and unsupported. Here are a few steps you can take to address this issue.

When a lack of vacation time is burning out employees

If employees don’t take vacations frequently enough, it can lead to burnout and negatively impact their productivity and job satisfaction.

Make an impact on your retention rates for 2023 and beyond

If you’d like any help addressing retention rates in your organization, Praisidio can help. We are the experts in diagnosing talent risks and finding the right solution for your situation. We’ve helped other companies reduce attrition costs by as much as $10 million for every 2,000 employees. We’d like to do the same for you.

Book a demo to discuss the level of retention you’d like to achieve in 2023 and how we can help.

Get instant answers to your people questions today

Give your HR and leadership the data they need to make nimble decisions and plan with confidence.