It is no secret that talent recruitment and retention is a costly process without any real guarantee of long-term employee commitment to a company. With employee turnover costing the U.S. $536 billion per year, is there a more proactive stance HR managers can take to better discover and address employee needs and recognize and reward their value to the business?
According to PayScale’s most recent Compensation Best Practices survey:
- Over 66% of employers say that talent retention is a major and increasing concern.
- Only 37% of employees proactively ask for raises.
- Most organizations are not addressing talent retention with higher base pay increases.