Employee retention has taken on a new significance amid one of the tightest labor markets of the past 50 years. The robust job market has given many employees the confidence to seek new opportunities, while employers are wrestling with rising compensation and heated competition for new hires, both salaried and hourly.
An estimated 41 million people voluntarily quit their jobs last year, up 8 percent from 2017, according to the Work Institute, a Franklin, Tenn.-based consulting firm. By 2020, that number will jump to 47 million, or roughly 1 in 3 workers, the firm predicts.
The business ramifications are enormous. Each salaried employee departure costs about one-third of that worker's annual earnings, including such expenses as recruiter fees, temporary replacement workers and lost productivity. The amount is less to replace hourly workers, but still significant.
Learn how companies are trying every tactic to engender loyalty, from raising pay to bolstering benefits to offering more training and education, and find out what approaches seem to be resonating. Click the link below to read the full article provided by the Society for Human Resource Management (SHRM).