Employers need to work harder to retain top employees as the labor market tightens, says the Society of Human Resource Management.
Since 2012 it has become more difficult to retain employees at all levels of an organization. The cost of replacing highly skilled staff prompts more employers to look for new ways to boost retention.
A SHRM survey found 19% of HR professionals said that, in the past 12 months, their organizations altered their benefits program to retain employees. Health care was the benefit most frequently cited as being altered to retain (61%) and recruit (65%) employees at all levels of the organization.
From a low of just 20% expressing concerns about retention in 2010, the rate shot up to 57% and has held steady there through 2014, 2015 and 2016.