To say that the labor market is volatile is a bit like calling the ocean wet. It’s true, but it doesn’t say everything that needs to be said.
We could talk all day about turnover costs, unemployment rates, and the importance of getting and keeping necessary talent for company success, but we’d only be rehashing things that everyone already knows. What we need to know, and don’t, is why the labor market has hit peak volatility, and if there’s anything we can do about it.
New generations are growing up with technologies that provide nearly endless possibilities for job growth and career choice. The freedom and accessibility of information via platforms like YouTube and Masterclass have made it possible for anyone to acquire premium knowledge and learn professional skills at next to no cost. Skills which they can take wherever they please. Even those who graduate with traditional degrees in fields like mathematics, finance, medicine, and law, are finding it easier and highly enjoyable to go into business for themselves; and technology is helping them do it.
All that to say, it’s easier than ever for your employees to make an exit, and you’re not just competing with other companies for their labor. Entrepreneurship is hot, and it’s getting hotter every day. So, what do you do?
Roll out the red carpet.
Many companies, in addition to improving both their wage and non-wage compensation, are turning to premium mobility benefits as a means of attracting critical talent and building confidence and appreciation for the organization.
Some examples include:
- Home closing cost reimbursement for transferees who currently rent
- Flexible funds which allow transferees to recoup personal care costs up to a certain amount
- Enhanced services like home organization or total move management (i.e. ExtraCare by NEI)
Corporations are doing this because benefits say something that words can’t. They convey appreciation in a tangible way and using them strategically to let your employees know they’re valued will absolutely pay dividends for years to come.
Technology will ensure that the problem of voluntary turnover will continue far into the future. But people are still people. And if you treat them well, they’ll stick around.