Employee Retention Beyond Bonuses: Five Considerations
It’s no secret that employee retention is a challenge for every organization, and we all have many questions. Like, why is today’s competitive labor market leading to more voluntary turnover? Why are employees leaving? Read the article to find answers to these questions and learn five considerations for employee retention that align with what your people want and what motivates them to stay. Here’s an excerpt from the article:
“Employees can choose a career in virtually any industry, and with available online education, it’s easier than ever to gain the necessary skills to make a transition at any point in their careers.
This transformation in our economy has led to unprecedented levels of voluntary turnover. According to the Bureau of Labor Statistics, 3.5 million people voluntarily left their employer in November 2019, which is an increase from two million in November 2009. With the inclusion of new roles, recruitment marketing tactics, and upgraded total rewards packages, companies continue to find ways to attract new talent and provide rewarding career opportunities, thus creating increased competition in the marketplace.”
BKD is a Principle Partner of the Construction Financial Management Association (CFMA). This resource first appeared in their magazine, CFMA Building Profits, and was posted on bkd.com with permission. BKD Trusted Advisors™ are regular contributors to this publication.