AVERAGE TURNOVER RATE SERIES
The survey included startups ranging from Series B to D+, the majority of which had over $50 million in annual revenue. In 2022, a survey of CFOs in The Circle found that 60% of companies are experiencing voluntary attrition rates of 11% or higher (the national average as reported by LinkedIn ).
Unfortunately, that’s exactly what appears to be happening at some of America’s most successful VC-backed companies. Congratulations, your job just got significantly harder. All of a sudden, your two-year mandate to double the workforce, say, from 100 to 200 people, means you’ll have to find some 150 new hires, not 100. Maybe you had them for two years, maybe one, maybe less. Those great employees you just brought in get restless, start looking for new opportunities, and leave. Yet all those imperatives take a back seat to your top three priorities: hire, hire, hire. You’re under constant pressure to help professionalize the company, deploy new benefits, establish a compensation framework, and create incentive plans, employee engagement programs, and diversity initiatives. Budgets are limited, but demands are huge. The challenges are especially acute for human resources leaders. For many, it can feel like a race against time along a track whose ground is always shifting. Life inside a startup-especially a high-growth startup-is inherently chaotic.
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