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While most companies have a healthy top-of-the-line post-pandemic, their growth is severely limited by the ability to retain talent. And, without the ability to grow the workforce, added pressures are placed on existing employees, exacerbating mental health challenges and the retention problem.
Employee Turnover is an expensive problem. It limits growth opportunities and causes stress, morale problems, customer dissatisfaction, lawsuits, and brand damage.
Compensation challenges, the demand for job flexibility, an unwillingness to "come to work", cost of living, and other factors are driving the turnover.
In order to fight against this challenge, employers need to better understand the costs and opportunities related to turnover, have and share their compensation philosophy, consider new ways to engage employees, and more.
The economy has recovered from the Pandemic but employers are still faced with the consequences of the Great Quit, demand for higher wages, and work flexibility. Employers are facing a significant labor shortage, magnifying the consequences of employee turnover.
Don Phin is a California employment law attorney. He has consulted with hundreds of companies to help improve their employment practices. He has presented over 600 times to CEOs, HR, and other executives on what works in employee relations. Don’s latest book is The 40| |40 Solution: Mastering the Emotional Energy of Leadership and Sales.
Don built HRThatWorks, used by 3,500 companies and sold to ThinkHR in 2014. In addition to consulting and speaking, Don does executive coaching and workplace investigations.
Originally a kid from the Bronx (you may still hear the accent), todayDon lives in sunny Coronado, California.