Think your business doesn’t need to answer the Five-Year Economic Census? Think again.
Imagine trying to secure a bank loan, develop a strategic business plan or land a good company for your small town with no data to back up your proposal.
What many businesses and organizations don’t know is much of the information they used to land lucrative contracts or lure good, high-paying jobs to their areas comes from the Economic Census – a key source of statistics and information about business and industry.
Issued once every five years (for years ending in 2 and 7), the economic census is currently underway for 2017 and is the first time the entire survey will be conducted almost entirely online via a secure portal.
Employee turnover in Idaho slowed during the recession but is beginning to pick up again as workers become more comfortable in a reviving labor market. But the rate of turnover and characteristics of the workers changing jobs can have a significant economic impact on businesses.
Employees stay on the job an average of 23 to 24 months before jumping ship or being laid off, according to the Bureau of Labor Statistics’ labor turnover survey, and at a cost that can substantially affect a business’s bottom line.
According to the Census Bureau’s Quarterly Workforce Indicators, employee turnover was 9.1 percent for all jobs in 2011. That is up from 8.8 percent in the depths of the recession in 2009 but still below prerecession levels approaching 11 percent.