US job openings were up by 5.8% in August to 9.6 million, of which over half a million was an increase in professional jobs.
This must be a matter of concern for business leaders looking to expand their companies. The competition for good people has gone up along with the costs. According to this article the costs of retaining existing loyal staff is also on the rise.
Major companies like Microsoft have increased their salary and stock budgets for incumbents. People who stay in companies that don’t make adjustments in compensation are effectively paying a ‘loyalty tax’, which can be significant if employees in similar companies are receiving 20% increases. Since money is just one incentive to retain people, albeit a big one, leaders need to stay abreast of other inducements such as gym membership, company EV, status, or flexible working, whether hybrid or reduced day working weeks.
The jobs market is fast moving and companies need to monitor the reactions of their competitors and crucially the impacts on their own workforce. Periodic audits can help but these cannot be lengthy if survey fatigue is to be avoided. With its rapid audit underpinned by the science of sensemaking (Organisational Sensemaking™), Tensense can assess quickly how people are feeling and give leaders early warning of potential issues before they hurt the company or any of its high value departments. You can find out more in this short video here.