Scope this…
The median worker who changed jobs between April 2021 and March 2022 saw an INCREASE of 9.7% in real earnings when adjusted for inflation. The median worker who stayed put experienced a LOSS of 1.7% in real earnings.
Kaleidoscope View
What does this mean??
It is more beneficial, financially, for an employee to move to another company where they will be paid market value than to stay with their current employer.
Houston- we have a problem!
Solution
Take a look at the compensation packages of your current workforce and make sure that you are paying them fairly compared to a new employee. Don’t give those who have worked hard for you for years a reason to leave you. It is costly to hire and train someone new- why not just pay your current talent that $10k +/- raise that they deserve?
Ask yourself: what would be the cost of losing them?
Then, adjust accordingly.
If you want to keep the talent that you have, you must show them that you value them.
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https://www.bizjournals.com/bizjournals/news/2022/08/12/job-market-turnover-unemployment.html