Companies Step Up Efforts to Keep Workers From Leaving

Businesses are boosting their efforts to retain their employees as a tight labor market raises job prospects elsewhere, the Wall Street Journal states. Employee turnover remains near historic highs, and replacing workers cost employers $617 billion in 2018 versus $331 billion in 2010, according to a report by consulting company Work Institute. Even if the economy sharply slows this year, workforce experts say retaining key staffers will remain critical to keeping a restraint on those costs. More pay often is what entices employees to change jobs, but it isn't necessarily what keeps them where they are, observes Work Institute President Danny Nelms. Fewer than one in 10 workers mentioned salary and benefits as the leading reason for leaving a job, according to 37,000 employee exit interviews conducted by Work Institute. Rather, more workers cited career development, work-life balance, and their bosses as factors.