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Newsletter Article

Member Benefit

It’s Time to Rethink Your Retention Efforts

Published Thu Nov 18 2021

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Now’s the time to be concerned about employee retention. According to the Bureau of Labor Statistics, 4.3 million Americans left their jobs in August. For some perspective, that’s almost three percent of the workforce. Even if you think the Great Resignation won’t affect you, it’s still important to rethink your retention strategies. One of the best ways to keep your top employees engaged and retained is to prioritize promoting from within. Research shows almost half of employees feel their career has stalled since the pandemic started, and that number is even higher among workers aged 18 to 24. Creating clear pathways for advancement is one way to prevent employees from looking elsewhere for better opportunities. Additionally, it’s crucial to invest in employee training. A recent study showed that 92 percent of employees believe access to education and professional development resources is important, and employees with access to those resources have a 34 percent higher retention rate than those who don’t. Simply put, employee retention starts and ends with gaining an understanding of what employees are looking for and providing them with the support and resources to meet those goals.

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