Purpose This study examines how collective turnover affects firm performance and investigates the moderating roles of firm-specific human capital (FSHC) loss and organizational change in this relationship. Design/methodology/approach Using a sample of South Korean firms from the 2015 Human Capital Corporate Panel dataset, we analyzed the proposed relationships using hierarchical ordinary least squares regression. Drawing on human and social capital perspectives and context-emergent turnover theory, this study examines the dynamics between collective turnover and firm performance. Findings This study finds that collective turnover negatively affects firm performance. Moreover, a high degree of organizational change mitigates this negative relationship, particularly when FSHC loss is low, because employees with high FSHC serve as a key source for competitive advantage. Research limitations/implications Future research should incorporate primary data to collect richer information, conduct comparative studies across cultures and countries, and consider additional organization-specific variables. Practical implications Organizations should look beyond headcounts and consider leavers' firm-specific human capital and the extent of organizational change. Exit interviews help diagnose the causes and consequences of turnover, thereby guiding more targeted attrition management. Originality/value Despite extensive research on collective turnover, little attention has been paid to the simultaneous three-way moderation effect of FSHC loss and organizational change. This study provides a deeper understanding of how these contextual factors jointly shape the collective turnover–performance relationship.
Park et al. (Sat,) studied this question.