Capitalist Note - Going to give you a couple of charts this week that you should absolutely share as a part of any HR deck you do for an operations review with the business leaders of your company. We all need third party data to tell the story of what the company faces related to tightness in recruiting markets, turnover and more.
Hey kids - on Monday, I shared a chart that showed the absolute lack of candidates available in the job market these days. As you might expect, the next chart that's important for you to know at a macro level is what those conditions does to macro employee turnover levels in the marketplace.
Fewer candidates = braver freaking employees related to quitting the job they have to take a new one. Check out the chart below and Tito, get me a tissue. (email subscribers click through for the chart)
The economy is back to the point where your employees are naturally inclined to quit at a rate equal to what happened before the 2007-2009 recession. It took a while for it to make it back, but it's here.
My advice? I'd share the chart, but only to the extent it helps you show that turnover isn't an issue for HR to own via whatever buzzword of the month you're using - it's everyone's issue.
And if you want your turnover to be under national levels, like the guy in Jaws said, "We're going to need a bigger boat."
Translation from the geek crew - a holistic approach, including looking at comp, working conditions, manager training, feedback culture, rewards and recognition, etc. Pretty much everything under the sun.
On a related note, Costco announced last week that it will be raising wages for both new and current entry-level workers in the U.S. and Canada. The raise is small—$1.50 extra per hour—but it means that Costco will be paying workers at least $13 an hour, up from $11.50. This increase is significant because the company hasn’t raised wages for entry-level of workers in nine years, and its move to do so now might suggest that, as the economy adds jobs, retailers will have to start paying their frontline workers more in order to hold onto them.
That's just Costco trying to get in front of this chart...
Good luck out there...