Inside the high turnover at CoStar Group
Daniel Geiger and Alex Nicoll of Insider write about the high turnover at CoStar Group, which operates a real estate news service among its operations.
Geiger and Nicoll report, “These people said that while CoStar’s culture had for years been demanding, the conduct of the company’s upper management grew more intrusive and abrasive, adding to employee dissatisfaction at a moment when turnover was already exacerbated amid the so-called Great Resignation brought on by the pandemic.
“A wave of departures followed in 2021, several employees said. About 37% of the nearly 4,200 people who worked for CoStar in the US as of January 2021 left the company last year, according to an employee with direct knowledge of its employment statistics. In total, this person said, 1,546 workers departed in 2021 — about three-quarters of them voluntarily.
“That is more than double the 638 employees who left the company in 2020 and significantly more than the 985 who left in 2019, according to the data the person shared with Insider. The data also indicated it was the highest turnover for the company in absolute terms in the past seven years, and the second highest on a percentage basis, behind only 2018, when CoStar had fewer total employees.”
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