The Bureau of Labor and Statistics recently released the March 2017 Jobs Report and for the first time in months, job growth did not meet the expected targets, which took Wall Street by surprise. This year started out strong with job growth exceeding experts’ predictions, but March was the lone exception.
Many of the pundits who have been writing on March’s Jobs Report have been highlighting how worrisome this is for America’s overall workforce, but the fact remains that jobs are still growing at a strong pace. Job growth remains especially prevalent in the professional and business services sectors, which creates an employee retention concern for Human Resource departments throughout the country.
When jobs are regularly being added, employees have greater options for employment at other companies. While HR departments are often focusing on recruiting and training new employees, their current employees are being scooped up. These HR teams need to transition their priorities to focus on retaining current employees as they are being recruited and wooed to other organizations for better employment options.
Implementing Stay Interviews at regular intervals is a great way to help reduce the impending employee turnover. Stay Interviews allow the organization to get insights direct from the employees themselves on what their intentions and expectations are regarding their future career plans. After learning what employees believe, organizations can step in and make necessary changes to ensure the conditions are right for their employees to thrive within the organization for the foreseeable future.
Don’t be fooled by the recent Jobs Report. Yes, it is true that job growth did not meet expectations, but jobs are still being added to the workforce at a healthy rate. Do not let your competitors swoop in to recruit your top employees with conditions your company could easily provide, if you give them the opportunity to tell you.