Apr 25, 2022 / Employee Retention

Labor Shortage -vs- Employee Retention: Where Does Your Company Fall?

Setting new records – whether in sports or at a corporate level – can be thrilling. Imagine how speed skater Suzanne Schulting felt when she set a new world record during the Beijing Olympics. From a business perspective, imagine the reaction when a company hits their first million dollars in sales. We can hear the champaign bottles popping from here!

But not all records are about reaching new highs. Consider this: according to the U.S. Bureau of Labor Statistics, a new record was reached when 4.3 million Americans quit their jobs in August 2021. Yikes!

This brings us to an important topic. Companies around the world know it as “labor shortage” and it affects just about every industry across all verticals.

The good news is that there’s some insightful data out there that talks about when and why employees are most likely to leave their jobs. The milestones are before they even start, within the first 90 days of employment, and that sweet spot often referred to as ongoing retention.

Wait! We have more good news. All this data tells us an important story. One where employee retention is the goal and where your corporate culture gets to play the hero of that story. After all, what does every employable person on this planet want to feel? If you guessed ‘happy at work’, you are correct!

To learn more about how your company can drive retention, check out our data sheet titled, Advice from the Frontline: How to Overcome the Labor Drought, where you’ll also read about how companies such as Target leverage WorkJam to get new team members up and running asap!

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