Annual turnover of managers at record low

The labour turnover among managers in the last year is at a record low, the Chartered Management Institute (CMI) has found.

Over the last 12 months, 4.8% of managers changed jobs, compared to 20% two years ago.

The CMI attributes this slowdown to managers staying in their roles in the hope that they will benefit from economic growth.

The survey also found firms are experiencing problems recruiting managers:

  • 77% of employers are having difficulty finding the right staff
  • 53% said the lack of managers with the right skills is the biggest issue
  • 11.2% said recruitment procedures are too lengthy 
  • 9.5% said they are struggling with the cost of recruitment.

Ann Francke, chief executive of CMI, said:

"Managers have been squeezed through the recession with cuts to their teams and increases to their workloads. We saw a few years ago that many left for pastures new, opting to walk away from their roles as they had little to lose.

"This data shows more managers are sticking put and with the economy on the up it isn't surprising that many are ‘jobtimistic' about their prospects and looking to reap the benefits of loyalty to their employer. Having survived tough times, many will be keen to see the rewards of better times.

"So, employers need to look at repaying that loyalty. Cash remains tight for plenty of organisations, but it's not just about pay; it means providing new challenges, training and opportunities to develop new skills.

"The economic outlook is better than it's been in years but every business needs the best from its managers and leaders to help drive strong and sustainable growth."