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If you received our January newsletter, or have been tracking unemployment, you know that we've been seeing some incredibly low unemployment rates, and closed out the year with the lowest yearly average since 2000 at 4.4%!
Four months into 2018, the unemployment rate stays unchanged at 4.1%. This has been the steady rate for the past 6 months, leaving us in a consistent candidate-driven market, where companies are finding it difficult to hire outside talent and candidates are securing competitve offers, driving up salary levels. In such a market, companies should be taking appropriate measures to hold on to their talent and top performers. Click here to see unemployment in the US by industry and class of worker.
Here are some tips companies should be considering to motivate and retain employees, and top performers:
- Be sure to hire selectively from the beginning to ensure your company's goals, and your employee's goals are streamlined.
- Offer benefits. Retirement packages, health insurance, and work from home options are all examples of benefits that show your company respects it's employee's personal goals and values.
- Provide career pathing and allow inside opportunities for growth, encouraging employees to drive results. Engaged workers who see a career path and goals are more likely to stay at an organization.
- Offer coaching and mentoring. Putting these programs in place allows for employees to feel encouraged and helps those who want to perform.
- A company's mission and goals should be well communicated to help employees feel engaged and a part of the organization. There should be clear expectations for both employees and organization.
- Communicate. Provide genuine and frequent feedback to show employees they don't go unnoticed.
- Listen to your employees' needs, wants and concerns. Asking questions such as "What do you enjoy about working here?" or "What are some things you'd like to change?" and considering the response(s) shows that you care about your employees and their opinions, may help solve any potential issues, and prevent employees from considering leaving your company.
Employees who feel valued, have a good level of communication and confidence in their leaders, know what is expected of them, and and can see a career path and goals will take pride in their company and their work. While considering the retention of employees and your top performers, consider their needs along with the organization's.
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WHAT YOU'LL FIND INSIDE:
EMPLOYMENT SITUATION OVERVIEW OF JANUARY - MARCH 2018
EMPLOYEE RETENTION AND ENGAGEMENT TIPS
SPRING IBF NEW ENGLAND CHAPTER EVENT
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Don't Miss The Game!
Join us April 30th at Bryant University with Dr. Teresa McCarthy and participate in The Beer Game!
Don't want to participate? Come watch as the game unfolds!
Click the photo for more information and registration info.
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