The talent problem: retaining and developing employees

The current job market is more challenging for employers of all types that are trying to find qualified candidates and retain their existing workforce. The rate at which employees quit their jobs has steadily increased over the last decade; in 2018, the “quits” rate was 27%.

Replacing an employee is costly to an employer. The Society for Human Resource Management (SHRM) estimates that on average it costs an employer six to nine months of an employee’s salary to replace them, which includes the cost of searching and hiring, training and lost productivity.

Key takeaways:

• What, beyond salary, job seekers are looking for from an employer
• How to create a workplace culture that will enable people to grow their careers without changing employers
• Strategies for rethinking current roles – including creating new job descriptions,  outsourcing, and adopting automation
• Effective incentive compensation strategies to attract, reward and retain key employees

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.