According to a recent article on Monster.com, the U.S. Bureau of Labor Statistics (BLS) reported in October that the number of employees voluntarily quitting their jobs had eclipsed the number terminated through layoffs and other types of discharges. As we come out of a long recession, the job market is changing–which is, of course, a good thing–and more opportunities are opening up for worthy candidates. That means that there may be more choices for job-seekers but also a greater need for employers to inspire, engage and retain quality talent. Whereas a couple of years ago in the midst of the Great Recession, we could say to our staffers, “Well, really we should all just feel lucky to have a job,” nowadays that rationale no longer works. Across the board, people are being asked to do more with less and, now that the market is improving, we need to make those folks feel valued and recognized for their hard work.
According to a recent study by HR consultancy Right Management, four out of every five workers are planning to, or at least contemplating, leaving their current employer. Hiring and training employees is time- and money-intensive so it’s vital to focus on retaining quality people so they don’t leave for other opportunities.