Keeping your employees for as long as possible is a goal that every HR team should have. Less employee turnover will help to keep your company stable. Employee retention strategies are becoming more common as companies have taken attrition more seriously as they continue to realize the impact it has on their bottom line.
In 2018, workers left their jobs at the highest rate since 2001, a trend that is continuing in 2019. The latest figures from the Bureau of Labor Statistics show that quit rates are fairly consistent at 2.3% (or 3.5 million employees) each month. At the same time, new jobs are being added to the economy every month – 263,000 were recorded in April, exceeding all forecasts and making staff retention the focus for 2019. But as employers scramble to recruit new talent or simply hold on to the people they have, they are missing one vital piece of the jigsaw.