Employees
Employee retention and attraction
2025 Target
Employee Turnover
White collar: 10 % Blue collar: 20 %
In LTP Group we have a wide variety of skilled employees. Our ability to attract and retain employees is therefore of outmost importance to us.
In 2023 we began competence mapping throughout LTP Group to align titles, ensure that all employees have a job description, and that all employees at least annually participate in an employee dialogue. The employee dialogues must entail an individual assessment and a development plan, to ensure employees knowledge of their personal areas of improvement and transparent ways to advance within our organization. We will continue this work in 2024 and expect to perform a global measurement of employee satisfaction among all employees in second half of 2024. The result of the measurement will guide our further work to enhance employee and job satisfaction and thereby contribute to improve employee retention and attraction. Employee turnover Some turnover is expected in any organization, and is found to be healthy, as new employees often bring in new ideas. But turnover also results in reduction of organizational knowledge and experience, and it requires time and efforts to recruit and onboard new employees. Our target is to have a turnover below 10 % for white collar and below 20 % for blue collar. The difference is due to the fact that blue collar employees more often than white collars change jobs. We are committed to monitoring our turnover and reduce it through our retention efforts mentioned in previous section. The volatile market since Covid resulted in 2022 in exceptional high demand for furniture and garment products, and in 2023 it resulted in customers placing fewer orders due to large, unsold inventories produce during 2022. A consequential effect for LTP Group in 2023 is that we unfortunately needed to carry out organizational changes and reduce the number of employees during 2023.
35.3
38.7
31.4 Voluntary
29.3 Voluntary
20 %
84.5
10 %
5.5
10.4
29.7 28.3
Total ( %)
Turnover rate, white collar
Turnover rate, blue collar
2022
2023
Our turnover among white collars has almost doubled in 2023 due to the organizational changes, while turnover among blue collar has slightly reduced. The reduction of blue collar turnover in 2023 are due to a reduced demand for blue collar workers compared to 2022, where blue collar workers were in high demand and resulting in blue collars changing more often than in 2023.
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