Updated on June 1, 2023
Even with a recovering labor market, employee retention remains top of mind for employers. As companies around the country compete to attract talent, employers are also focused on keeping their workforce intact. To support retention, it’s critical to understand when, where and why attrition is taking place.
At Aston Carter, we define “retention” as the tangible reasons why employees stay with a company. Some examples may include compensation, company culture or flexibility. “Attrition” refers to the reasons employees leave a company. “Turnover” refers to the rate at which employees leave.
Strong retention should be one of the fundamental goals of any company. Employee retention is important for the health and reputation of an organization, and contributes directly to factors like productivity, company culture, morale and leadership development.
As factors like flexible work, competitive compensation and company culture become increasingly important to employees, employers need to understand the needs of their workforce and how to best make them feel valued. From there, short- and long-term strategies can be put in place to stave off attrition through quick wins and longer investments.
This white paper examines the all too frequent disconnect between employers and their workforce, current labor market conditions and trends in worker attrition, and offers tactical strategies for improving employee retention and engagement.
*Originally published on September 28, 2022