First Time Ever: Job Openings Exceed Job Seekers… What Happens Next?
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If you were putting off an employee retention strategy until later, it just became later. The U.S. Department of Labor just reported that, for the first time ever, the number of job openings in America exceeds the number of job seekers. This is an unprecedented situation that is increasing turnover all over the country, and giving the upper hand to employees and job seekers.
If one of your best employees quits today, the reality is:
It will be HARDER to find someone with the right skills
It will take LONGER to find the right cultural fit
If you are lucky enough to find them, it will be more EXPENSIVE to get them in the door
Turnover is reaching new peaks in most industries. It is not projected to slow down in the near future. The shift in the relationship between employee and employer can go from a win-win to a huge loss.
Even though 60%+ of all employees will respond to a job inquiry if it is offered, not all is lost. There is a chance that you can increase loyalty right when you need it most. After 18 years of being the world’s employee retention experts, we never said the sky is falling. You just need to act now.
Give your people the compelling reasons to STAY. Mine the HR data you have to make precise decisions. Get clear and reliable new data to predict and prevent future turnover. Stay safe from the biggest challenge facing your growth.
Truth is, hundreds of thousands (or millions) of dollars is already being spent. It just does not get written in a single check by itself. It is rolled into all the payments for job postings, resume screening, overtime of existing staff, interviews, background checks, office supplies stolen from people leaving, headhunter’s fees, product mistakes/scrap/rejects, on-the-job training, extra manager time, the equipment that new people break, higher insurance rates from untrained staff injuries, and more toner from all the damn copies!