If you're an employer who is or will soon be hiring, then you are probably all too aware of what the historically low unemployment rate the country is currently experiencing means: employee scarcity. That leaves prospective employers scrambling for ways to attract new candidates and retain existing workers needed to provide value and keep their businesses competitive. Here's a look at some of the facts and figures that describe - and impact - employee retention.
- In 2018, an estimated 41 million people voluntarily quit their jobs. That's an increase of 8% over 2017. By 2020, that figure is expected to balloon to 47 million, or one in three workers.*
- In August 2018, the national turnover rate hit a 10-year high of 3.9% and has declined only modestly since.*
- The lack of professional growth and development opportunities tops the reasons that employees leave existing jobs, with 21% of those interviewed expressing dissatisfaction in this area.+
- On average, each employee who leaves costs the employer approximately one-third of that employee's annual earnings in lost productivity (about 67% of the costs) and replacement expenses (about 33% of the costs).+
- In December 2018, job openings reached a high of just over 7.3 million, also a 10-year high.*
The bottom line is that the present employment market belongs to the employee, demanding increased incentives and creativity on the part of employers looking to hire and retain quality workers. If you're looking for ways to hire and hold on to great employees, join us for a free webinar with expert suggestions.
Tuesday, March 26 at 11:00am PDT
Recruiting and Hiring Great Employees
When registering for the session, please ensure that you enter 'Bennett/Porter & Associates' in the registration field that reads "Please provide the name of the company that referred you to this webinar."
*United States Bureau of Labor Statistics