Toxic culture is ten times more predictive of employee turnover than employees' assessment of their compensation.
Other findings from study of 560 companies/38 industries:
-There is wide variation in employee turnover across industries, with apparel retail experiencing nearly 5X the attrition rate of airlines
-The industries with the highest attrition include both white-collar (management consulting, enterprise software) and blue-collar (apparel retail, fast food, retail) sectors
-Attrition varies widely within an industry--SpaceX turnover is more than 3X other aerospace companies
-The most innovative companies have higher attrition than more staid competitors
-Lateral career opportunities, company social events, and predictable schedules are associated with higher employee retention
Check out the full article on MIT Sloan Management Review here.