Current Trends That Make It Difficult To Retain Employees
Keeping good employees has become a challenge for many businesses and we all know that employee turnover has a significant impact on the organization. To make matters worse, there are new dynamics in the marketplace that make keeping your employees more difficult than ever:
1. Unemployment rates are at an all-time low
Unemployment rates are at an all-time low, hitting 4.1% at the end of 2017, according to the Bureau of Labor Statistics. This means that the pool of available workers is smaller than ever and there is more competition for those who are available. Today, you don’t have much of a choice but to find ways to keep the good employees you already have.
2. The need for experienced technical skills
Employment of computer/IT jobs is projected to grow 13% from 2016-2026, faster than the average growth rate for all occupations. That is because there is an ever-increasing need for experienced and technical skills in most workplaces. Technology is being used more and more in all industries and at all levels within organizations. This makes your technically-skilled workers prime targets for recruiters and other companies.
3. New entrants into the workforce have different perspectives on work.
Years ago, workers were primarily concerned about earning a wage that would allow them to provide for their family and if the job that they had allowed them to use their skills and talents.
Today’s workforce has a differently perspective about work. They are looking for more. They are looking for opportunities that go beyond just financial needs. At the top of the list is finding a company with the right culture - where they can feel appreciated, connected, and can grow. As business owners, we must accept the fact that today’s candidates are much different than who we were early in our careers. The “old” mentality of just expecting people to work hard if you pay them just doesn’t cut it these days.
When you look at these three factors, the reality is the fact that you no longer have a choice. You’ve got to retain the good employees you already have because it can become difficult to find new good employees and to replace them if you lose them.
This blog is part of a 4-part series inspired by the webinar, Stop Losing Good Employees.