If you’ve been involved in recruiting and hiring for your company, you know that finding good candidates is only half the battle. Today’s employers face significant challenges when it comes to retaining top talent.
Data from the Bureau of Labor Statistics suggests today’s employees average 4.6 years at any given job. Between 2012 and 2013, 7.3 percent of Canadians changed jobs. Based on a labour pool of approximately 18 million Canadians, that means that 1.3 million workers switched jobs during this time period.
Studies show a drop in job satisfaction may explain the rise in turnover. Of course, there are a number of factors contributing to this dissatisfaction – lack of recognition, advancement opportunities and work/life balance to name a few.
While the “discipline” of employee retention has been around for many years, it is evidently worth a refresher as we enter into the fall hiring season. After all, keeping your best employees happy and productive is a competitive advantage for your company.