The U.S. Bureau of Labor Statistics (BLS) recently released its April Job Openings and Labor Turnover Summary. This month’s reported number of employee quits fell from a record high of 4.5 million in March to around 4.4 million in April. April marks the eleventh consecutive month that more than four million workers left their jobs.
Despite the slight decrease in total employee quits, the April report reveals that the employee-quit rate held at 2.9%. Industries like real estate and rental leasing saw a slight increase in employee quits while state and local government education decreased somewhat.
66% of those looking for new jobs consider company culture and values to be an important factor when considering an organization and most successful companies have a strong company culture. Company culture is the shared values, mission, ethics, and expectations of an organization. It affects every part of your organization from leadership styles to goals and expectations, the work environment, communication policies, and even branding. It is evident in how decisions are made and how employees interact with each other and your customers. Here are four things to consider when building a strong company culture.
Employment trends expert says that Microsoft is not the only company trying to enhance the employee experience
Microsoft just made international headlines after they revealed four new workplace initiatives aimed at attracting and retaining talent. The tech giant says they will no longer require employees to sign non-disclosure agreements or non-competes. In addition, Microsoft is committing to pay transparency for new hires and to confidentiality agreements in dispute resolution, aimed at making sure that employees feel safer coming forward about misconduct.
“What we are seeing is a complete shift in the way companies like Microsoft are approaching their staff and the traditional workplace hierarchy,” says Rob Wilson, employment trends expert and President of Employco USA, a national employment solutions firm with locations around the country. “Employers have lost a lot of their upper hand in the last 2 years. Employees have options, and they are making it very clear that they realize this.”
Onboarding is a vital part of your hiring activities, helping new hires acclimate to their role, their coworkers, and the company culture. It also helps with retention, as a company with good onboarding processes can see a retention rate of 69% in the first three years.
But 22% of companies have no formal onboarding program, and only 49% have some onboarding processes in place. That can leave new hires feeling less equipped to do their job and make it harder to feel like a part of the team and the company.
Onboarding is a process of integrating new employees into your organization. It starts as soon as a candidate accepts your job offer. Let’s talk about the steps of onboarding and why they’re essential.
Employment trends expert talks about getting employees back in the office and dealing with COVID exposures
Elon Musk made a big announcement on Tuesday: He ordered all of his executive staff to spend at least 40 hours in the office every week, or risk losing their positions. “This is less than we ask of factory workers,” said Musk, in the employee memo which was leaked to the press.
Rob Wilson, President of Employco USA and employment trends expert, says that Elon Musk’s message is aligned with what he is hearing from his clients across the country.
“Employers want their staff back at work,” says Wilson. “Despite the fact that many employees are happy being hybrid or even fully remote, many companies want to get their productivity back on track after a rough couple of years. And since culture-leaders like Musk and other tech giants like Microsoft are pushing employees back to the office, I think this will set a precedent that smaller firms will also follow.”
In this video, Rob and Jason discuss an increase in the number of overtime claims from the Department of Labor. They cover compliance enforcement, penalties, the hiring of additional DOL investigators, the current overtime threshold and future predictions, handbook policies, employee training, and more.
In today’s market, every company has aggressive goals for growth, whether growing the business internally or through a merger. Typically, business owners approach scaling as solely revenue-based. That can mean that HR becomes an afterthought in your strategic plan. But the truth is that having a plan for scaling your HR as your business grows is vital to the success of growth overall. Here are some HR things to consider when creating your strategic growth plan.
Company Culture One of the keys to growing your business is a plan to increase the number of employees, whether through recruiting or through merging with another business. Strong company culture helps you attract better talent and retain the great talent you already have. But if you haven’t paid attention to your company culture or considered how the culture of merging businesses may differ, that can hurt both retention and recruiting. Continue reading →
In this video, Rob and Jason cover employer background checks. They discuss some quick tips, company strategies, caveats and best practices for compliance in different states, working with an outside vendor or company like Employco, and more.
With inflation at a 40-year high, businesses are seeing inflation erode their purchasing power, adding to the higher prices already created by supply shortages. Companies are also experiencing inflation’s effects on wages and benefits, which affects their ability to compete and negotiate with existing and potential employees.
With the “great resignation,” businesses were already having difficulty attracting and retaining top talent. Many increased their wages to remain competitive. Still, even though wages are rising, inflation makes them worth less. And employees are starting to ask for more frequent adjustments to their wages. Evaluating your job market vulnerability is vital to determining how much your workforce is affected by inflation. Employco can help you assess the effect of inflation on your business and your employees and make recommendations for how best to manage inflation’s effects.