Companies Step Up Efforts to Keep Workers From Quitting

Companies Step Up Efforts to Keep Workers From Quitting

Many companies are attempting to raise benefits within their employees in order to retain them and keep them from finding jobs that are offering a higher pay. Last year, it was noted that many employees quit their jobs because of better offers elsewhere. The labor market has decreased and there are fewer people looking for jobs than companies offering, resulting in a surplus. Additionally, it has become about two times more expensive to replace employees. Most employees end up receiving 15% increase in their salary than the two to three percent they would receive in their current job. This has driven many to continously quit and search for jobs that pay higher. Employers recognize this and have incentivize employees by providing better benefits. In order to reduce the costs of replacing employees, they are attempting to keep employees by providing clearer paths to promotions, flexible work arrangements and benefits that can help with their life outside of work. 

I think this is such an interesting article because as we prepare to enter the job market, we are under the impression to accept any job that comes our way. From my personal experience, I have felt that it is very competitive with so many applying for the same jobs as I am. From the article, it looks like there are not many looking for jobs which feels a little hopeful for the future.

https://www.wsj.com/articles/companies-step-up-efforts-to-keep-workers-from-quitting-11583058602?mod=hp_lead_pos13