For Immediate Release
Contact: Candice Warltier
Study: Are CROs winning the war for talent?
Employee turnover remains high in the U.S. and is over 25 percent in some countries Reading, Pennsylvania (December 4, 2014) ‒ Although turnover rates in the CRO industry are still high, they appear to be trending down according to the 16th annual CRO Industry Global Compensation and Turnover Survey, conducted by HR+Survey Solutions, LLC. (www.hrssllc.com), a specialty compensation consulting and research firm. Over the last three years U.S. turnover in clinical monitoring (the function that monitors participants’ health during a clinical trial) has dropped from 29.4 percent to 16.4 percent and globally overall company turnover has dropped from 27.2 percent to 14.2 percent on average.
For the companies that provided turnover statistics for both 2012 and 2013, their overall U.S. turnover dropped by an average of 3.8 percent. However, not all companies are winning the talent war, over the last four years half the companies have experienced an increase in their turnover rates. Globally, turnover was above 10 percent in most countries. The top ten losers for the war on talent include the following countries: 2013 Total
According to Judy Canavan, managing partner, HR+Survey Solutions and the author of the study, turnover is extremely costly to CROs, “high turnover can undermine the relationship with a sponsor or lose a bid for new work.” She adds that “The industry puts high demands on their talent including long hours, extensive travel, high performance expectations and tight budgets, yet pay programs provide only modest opportunity for performance based rewards – the incentive opportunity is about 40 percent less than the...
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