The U.S labor market has seen an influx of medium scale businesses and expansion of already existing businesses, over the last year. With more jobs being created daily, more options arise for employees to take a pick. The implication is that you could easily lose your best employees, if you do not do enough to hold them down.
Data from the Bureau of Labor Statistics (BLS) puts the national average jobs created per month in 2016 at 180,00. This would easily take the total number of jobs created in 2016 alone to upwards of 2 million jobs, and contributes to a record 74 consecutive months’ job growth. November 2016 also saw a drop-in unemployment rates to 4.6% – the lowest mark attained since 2007. What does all of this mean for you as an employer of labor?
Job seekers are “kings”
With all of the above in mind, job seekers have a pool from which to pick out their ideal job, and do not have to jump into just any job for lack of choice. Large numbers of unfilled positions also mean even the employed have the luxury of leaving their jobs for more attractive options. This places the initiative on you to work at retaining your best performers.
The election is over
With uncertainty surrounding the effect of election outcomes on the economic and business sector of the economy, some had put off their job search until after the election period. While this is definitely not an across board phenomenon, it could be the case with some of your best performers, and you want to be wary of that. The quest for greener pastures could envelope just about anyone.
The new year is here
The new year is traditionally a time for re-assessment. This re-assessment could easily expand into job re-evaluation, and a consideration of which job would provide them with the best career path. It is essential to covetously build a wall around your best employees to prevent them looking aside. Keep in mind that several companies have traditionally adopted this time as the best for poaching top talents from rivals.
Become a Better Employer
There are always certain members of your team who have proven themselves as cornerstones for your project. Be sure to safeguard these ones by working at becoming a better employer. Employee satisfaction is key, and below are a few helpful tips to help you retain your employees.
- Define a career path: The dream of every employee is to see a clearly laid out growth path. Encourage and facilitate the professional development of your employee.
- Improve your salaries: One of the first considerations while seeking for a job is the salary structure in comparison with regular industry standard. So, keep yourself aware of increases and make sure your pay remains within reasonable levels.
- Create a good work environment: The measure of a good work environment is highly subjective. Even then, there are certain primary standards that determine whether a work environment is ideal or not. Reassess your work conditions, create a reward structure, and consider personal life.
Net Gold, LLC is an elite Dallas recruiting and consulting agency, with experienced recruiters based in Dallas, Texas. It is our dream to bring this experience to play in matching your company with the best quality candidates. For more information contact us at firstname.lastname@example.org or call (972) 839-0415.