Invest in Your Workforce: Retain Talent During Record Low Unemployment
In unprecedented labor market conditions, unemployment rates have plummeted to historic lows. As a result, ...
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The last few years have been a wild ride for corporate America. First, there was quiet quitting, the Great Resignation, and then mass layoffs. Post-Covid corporate America still hasn’t gotten “back to normal,” and a new season of employee disengagement is proof of that.
According to a recent poll from Gallup, disengaged employees cost US employers over $1.9 TRILLION in 2023. Not billion, trillion. If we scan out and see that number globally, it balloons to $8.8 trillion. That’s a huge impact on revenue, stock prices, and the overall financial health of an entire country.
What’s the real reason for employees checking out of their day jobs while still collecting a paycheck? There are several reasons, but they all stem from the same place: reduced satisfaction with their employer and feeling like they don’t have a clear growth path. Gone are the days of offering a salary and 401(k) and assuming that employees should feel thankful for even having a job. That thinking is what’s costing trillions in lost productivity.
As it stands today, people are less inclined to leave their jobs in pursuit of a new organization that may be better aligned with their personal philosophy. So, instead of job hopping, they’re showing up to their current roles and giving the bare minimum. It’s not good for you or them. The same research from Gallup indicates that 1 in 2 US employees would leave their jobs if presented with a better opportunity. The cost of disengagement is already through the roof, but the cost of recruiting and onboarding new talent increases the upfront investment of every employee exponentially.
If you’re worried that you may have team members who may not be fully engaged in their roles, this article is for you. There’s a straightforward remedy, and it may not be what you think it is.
Your organization needs language and cultural training. Here’s why.
In 2022, the top reasons employees disconnected from their day-to-day jobs included reasons like poor benefits, lack of career advancement, and not being treated with respect. The modern American worker knows their value and worth and doesn’t want to be seen as a cog in a wheel. Invest in your workforce by giving them meaningful ways to learn new skills.
If you’re interested in learning more about how language tutoring can improve your organization and workforce health, let’s chat. We’d love to show you how we help multinational organizations engage, retain, and hire the best talent.
Written by Patricia Diaz, VP of Marketing.
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