Both of the following articles address the growing concern over this issue as the “jobless recovery” transforms into a “jobs recovery.”
First, from CNN/Money: “Exodus of the job-hoppers? Predictions of high turnover rates on the job haven’t come true … yet anyway” (by Jeanne Sahadi)
Back in 2003, various surveys predicted that as soon as the labor market improved, a high percentage of employees would be rushing the exits to find new jobs. . .
Well, there have been some promising signs of improvement on the jobs front lately. . . So, are workers singing a collective refrain of “Take this job and shove it?” Not exactly, or at least not yet. But there is anecdotal evidence to suggest that employees have started to sniff around for new opportunities. . .
[R]easons for wanting to leaving a job are usually stated as money and benefits. But underlying that message . . . is exhaustion and a feeling of being underappreciated. Read more
Also cited is the desire for “more work-life balance.”
The second piece is from The Business Journal of Milwaukee: “Closing the revolving door; Economic recovery is not the time to lose key employees” (by Becca Mader)
Employers may feel that the sluggish economy of recent years has given them a pass from worries about employee turnover. When unemployment is high, unhappy employees are less likely to look — or find — a new job. But with the economy in recovery and the number of available jobs growing in certain sectors, employers still unconcerned about turnover may soon get a rude awakening.
“The irony is that, at the very time employers need their people because business is improving, they may begin to see their ranks thin because people are walking out the door,” . . . “This is the very worst time for employers to spend their resources to fill those holes.” . .
Human resource advisers said many employers do not have an accurate understanding of the potential cost of turnover at their businesses. Typically, they don’t even think about it until the employee leaves. Once companies conduct a cost analysis in advance, however, they will have a better sense for how much and how to invest in order to keep their employees, human resource experts said. . . The money companies save on turnover can be applied toward retaining employees. After calculating the costs, companies then can figure out which positions are the most costly to lose, and therefore more valuable. . . From there, employers can concentrate on retention strategies, especially within the first few years. Read more
The labor market may be in a state of rapid transformation, with significantly increased demand, particularly in certain sectors and geographical regions. This is a time for employers to watch trends carefully and work to keep compensation competitive and valuable employees happy — or risk losing them.
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