The Department of Labor Bureau of Statistics published August, 2018 job openings and labor turnover rates in its October 16th news release. The number of job openings reached a series high of 7.1 million on the last business day in August and the number of new hires in August reached a series high of 5.8 million. Based on the October 16th news release, “Over the 12 months ending in August, new hires totaled 67.0 million and separations totaled 64.7 million, yielding a net employment gain of 2.4 million.”
Several studies on employee loyalty, engagement and turnover have been completed during the last several years of improved national economic conditions. A recent study published by the West Monroe consulting firm confirms that most employees (82%) are loyal to their current employer but 59% would leave their current employer for the right opportunity. The West Monroe article continues with a discussion about the importance of internal employee career development as a means to mitigate the allure of external “right opportunities” that create employee turnover. West Monroe is a consulting firm with 1,000 business and technology consultants located in nine U.S. based offices.
Based on our experience with private and public clients during the recent period of current positive economic conditions, we would recommend focusing on the following employee-centered initiatives:
- Competitive and equitable base pay for all employees;
- Incentive pay for top performing teams and employees;
- Internal employee development and alignment of skills with team and company goals;
- Use company sponsored benefits as a strategic tool for attracting and retaining employees;
- Build a culture that fosters “relational social glue” to mitigate external “greener grass” offers;
- Promote and nurture employee ownership discernment and performance; and
- Cultivate diversity and advance values of respect, personal integrity, and servant leadership.
Learn more by visiting www.johansongroup.net or www.dbsquared.com or request a free consultation by visiting https://www.dbsquared.com/consultation-request-ty/.