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Employers Are Focusing On Retention Of Existing Workforce

October 30, 2024

The latest Beige Book installment from the U.S. Federal Reserve was recently released. This book summarizes the current economic condition of the U.S. by federal reserve district across the board.

According to economists, employers have been more selective with their hires and less likely to expand their workforce.

According to Noah Yosif, chief economist at the American Staffing Association, there is a decline in job openings and hiring. "However, not that much attention has been paid towards separations, which are a true indicator of the health of the labor market," Yosif said.

According to the Beige Book, it's taking longer for employers to hire new talent, making it increasingly difficult for applicants to secure a job.

"As competition for workers has eased and staff turnover has fallen, firms felt less pressure to increase wages and salaries," according to the Beige Book.

Experts say "stagnant wages and salaries may contribute to worker attrition, but data, including a 2024 report from the Conference Board, also indicates that flexibility can be a major factor in a worker's decision to stay."

According to Yosif, temporary staffing orders are decreasing because the economy is not "'conducive' to those kinds of work arrangements."

Caroline Colvin "Fed: Employers are holding on tight to existing employees" https://www.hrdive.com/news/employers-holding-on-to-existing-employees/726231/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue (Sep. 05, 2024).

Commentary

Between November 2021 and April 2022, nearly 4.5 million people left their jobs per month on average. By 2023, however, the number of resignations during the first 10 months of the year was below four million.

According to Glassdoor, the top three reasons why employees leave their jobs are:

1) they feel underappreciated and undervalued;

2) a lack of communication around compensation; and

3) a desire for more flexibility.

According to betterworks.com, high employee retention "reduces lost knowledge, hiring expenses, and missed revenue opportunities." In addition, "retention drives better performance and improved business outcomes over the long term while delighting your clients and customers."

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