Labour turnover has fallen to its lowest level for four years, reflecting sluggish economic growth, a report showed today.

A survey of almost 600 firms showed employee turnover was 16 per cent this year compared with 26 per cent three years ago.

The Chartered Institute of Personnel and Development said its research showed firms were unaware of the savings they could make by reducing turnover even further.

Charles Cotton, the institute's employment adviser, said: "There seems to be no systematic approach to stemming the losses."

He urged companies to do more to find out why workers resigned.

Friday December 05, 2003