Your Best Employee Just Quit
The job market in the U.S. is booming. In fact, the job market is the hottest it has been in 50 years, with the U.S. adding jobs for the past 100 months in a row.
While a booming job market is great for workers, one side effect for companies is increased turnover, as more opportunities are available to workers. According to the Bureau of Labor Statistics, U.S. workers are quitting their jobs now more than ever before! Over 2% of the total working population (some 3.5 million people!) quit or resigned from their posts in October of 2018.
Companies can be especially vulnerable to losing top performers who have built up good business reputations, as other companies and recruiters will seek out these workers with new offers. Turnover can cost a company up to 213% of an employee’s salary and small businesses are especially vulnerable after the loss of even one top-performer.
There are a number of reasons why employees may choose to leave, including relocation, family planning, or pursuing passion projects. As the employer, it’s also important to understand that sometimes employees also leave for a better offer with higher pay, better work culture, and more opportunity.
To avoid turnover of the top talent in this booming job market, strive to keep your employees happy and stay competitive. Your HR department should stay on top of hiring and workplace trends so that you can offer employees the benefits they desire. Some of these changes don’t even have to cost you. Some free perks a lot of top employers currently offer include flexible work schedules and work from home days.
If your top talent goes resign, don’t panic. Your business will survive. You should also resist the urge to counter offer. Employees that accept a counteroffer are still 80% likely to leave within six months.