The Retention Revolution

Today’s revolving door reflects significant shifts in employees’ expectations of their employers and careers. To keep up, change seven outmoded practices:

Career-long job stability, once provided by giant corporations such as IBM and General Motors, is now almost obsolete. The drivers behind this shift are not just global events such as the COVID-19 pandemic but also underlying economic changes. Take the rise of the gig economy, which has empowered workers with flexibility and choice. In a recent survey, 80% of respondents said they would not hesitate to leave a job within six months of being hired if it failed to meet their expectations. A report from Grant Thornton further revealed that roughly 4.5% of today’s new hires are people who worked for that same company at some point in the past.

In this new environment, companies need more agile hiring and retention strategies. Firms that prioritize employee well-being, such as those on the “Fortune 100 Best Companies to Work For” index, achieve better financial performance, significantly outpacing the broader ...