The U.S. Bureau of Labor Statistics released the December 2018 employment report recently and many employers already feel the pressure to retain current employees now more than ever. Aside from rising retention costs, according to the report, 135,000 jobs were predicted to be added during the month, but in actuality, the market reached 312,000 added jobs (2019). This means companies are competing for potential new employees from a smaller pool of workers.
Many employers view a pay raise as the ideal response to competing for offers. However, the Work Institute’s 2018 Retention Report disputes this theory. It states that through a series of over 200,000 exit interviews, of the foremost reasons employees left their positions compensation and benefits ranked fifth. Career development opportunities, work-life balance, manager behavior, and overall happiness all ranked higher than monetary motivations (2018).
The question then becomes: how do organizations retain their top talent? It starts with learning what employees are thinking. Companies need to get a snapshot of their internal culture. We believe there is no better way to do that than to acquire feedback from the front-line workers. However, many times employees do not participate in feedback opportunities or become less than truthful out of fear for consequence if they truly were.
For this reason, among others, we developed Labor Lion. Our business service, built from scratch, provides employers the weekly opportunity to hear anonymous feedback directly from its workforce. The advantage Labor Lion provides is a channel for employees to feel safe from retaliation. We believe this opens the door for positive organizational changes and a healthy employer-employee relationship. While the cost of retention rises, organizations who can keep their talented workers will experience an automatic advantage over competitors.
Our service works for any organization of any size. If you are interested to see how Labor Lion helps retain your top talent and generate cost-savings for your company, please contact us!
The Work Institute. (2018). 2018 Retention Report. Retrieved from https://workinstitute.com/about-us/news-events/articleid/2259/2018%20retention%20report
U.S. Department of Labor, Bureau of Labor Statistics. (2019). The Employment Situation – December 2018 (Report No. 19-0002). Retrieved from https://www.bls.gov/news.release/pdf/empsit.pdf