With unemployment at very low levels, employees — especially the most skilled ones — are far more likely than just a few years ago to leave their jobs in search of better ones. About 3 million American workers change jobs every month, which is bad news for organizations, given that the costs of hiring and training a new employee can be double that employee’s salary. The most important first step is to make sure that your salary and benefits are competitive within your industry and region, but that in itself cannot be the only measure you take. You also need to be more careful about initial hiring. Just as importantly, you must find and mitigate employee “pain points” effectively.
Reflect on these key points:
- 1Although a low unemployment rate is great for the economy, it can be a challenge for businesses which tend to experience higher turnover during periods of high employment levels.
- 2In fact, research shows that about a third of hires in the U.S.A tend to quit before ever reaching their six month of working.
- 3Providing consistently competitive pay is important, but no more so than a great benefits package, including insurance and paid time off.
“How do you keep from losing your employees in this kind of job market?”
Read the full story: https://blog.bonus.ly/great-employee-retention-strategies