In just a few short weeks, Work Institute will release a first-of-its-kind Retention Report aimed at enlightening leaders as to the workforce challenges that exist and the crushing issue of employee turnover. This report is very timely as the Bureau of Labor Statistics just released it latest Jobs Report and highlighted the growing concern of employee turnover.
In January 2017, the number of Americans exiting their jobs elevated to its highest rate of 2.2% since February 2001. The Bureau of Labor and Statistics’ report once again spells EMERGENCY for organizations and human resource departments across the country.1 The Bureau’s latest Jobs Report (and every Jobs Report for over a year) have shown continued growth in open positions throughout the country. Because of that overall growth in jobs available, employees are confident they can quit their current jobs to find better employment options elsewhere.
This is great news for the United States economy, but it also creates an issue for HR departments that they need to address immediately. With so many jobs open, along with the high level of quit rates, there is a wave of turnover that will come to your organization if it hasn’t already. It won’t be getting easier any time soon – BLS forecasts point to even more job growth in the future, especially in fields requiring degrees beyond a high school diploma, like healthcare and technology.2
The good news is that this wave of turnover is preventable if your organization takes action now to make sure employees want to stay with your organization for the long haul. The only way to accomplish this is to fully understand the real reasons employees leave and why they stay. That is what Work Institute has been doing since its inception in 2000 and will, for the first time, reveal the REAL reasons employees leave their companies.
Listening to employees is vital to understanding the issues that are affecting retention in an organization. There are specific approaches that are necessary to collect authentic information and going beyond ratings to obtain the real reasons will make your data more powerful.
Be on the lookout for our 2017 Annual Retention Report: Trends, Reasons and Recommendations. Coming in April. It is a must read for all leaders in organizations and a first of its kind in the United States.
- Job Openings and Labor Turnover – January 2017. Bureau of Labor Statistics. Retrieved March 20, 2017. https://www.bls.gov/news.release/pdf/jolts.pdf
- Bureau of Labor Statistics - Employment Projections: 2014-24 Summary. Bureau of Labor Statistics. Retrieved March 20, 2017. https://www.bls.gov/news.release/ecopro.nr0.htm