Pandemic has been part of our lives for more than one year now. While the first wave disrupted every industry leading to havoc loss in the job market, it is a sigh of relief that the job market is progressing amidst the delta surge. As per the job report by the U.S Bureau of Labor Statistics (August 2021), the job market has slowed down yet continued showing significant progress despite the Covid surge in July and August.
Effective employee retention requires a set of holistic techniques that adds to the overall growth and productivity of a company. The benefits of employee retention are numerous, and companies are increasingly seeking to inculcate retention practices. Employee retention is more than just keeping employees; it needs to instil a sense of loyalty and commitment as well.
Only 1 in 3 workers in the United States reported having received recognition for hard work they had done in the last 7 days. This is a significant figure, given that 47.3% of all workers in the country are employed by businesses.
Showing your employees recognition when they are performing well for your company is a low cost, high return investment. If two-thirds of Americans aren’t feeling their work is being recognized by their employers, then taking the time to make this a priority within your workforce will raise you above the competition
At a cost of nearly $4,000 on average to fill an open position, U.S. companies are spending nearly three times the amount spent on training per employee,” said Karen O’Leonard, vice president, Benchmarking & Analytics Research, Bersin by Deloitte, Deloitte Consulting LLP.