Employees who are learning, growing and feel challenged at work stay in their current workplaces longer… even when offered better positions, pay and benefits. In fact, a recent LinkedIn study found that 94% of employees would stay at a company longer if it invested in helping them learn. According to LinkedIn’s 2023 Workplace Learning Report, employees recognize that learning helps them stay up-to-date in their field, facilitates them getting better jobs internally, and better positions them to reach their career goals. From training and course completion certificates to industry or professional certifications, employees see that as a BIG JOB PERK. There’s just one problem: employers aren’t necessarily providing the kind of learning opportunities that employees want. Why? Where’s the disconnect?

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In general, smart business owners and savvy managers want employees to feel valued and keep turnover low. But they also need to keep productivity and efficiency high in order to be profitable. So what should be prioritized: people or profits? As in most things in life, the key is balance. Employers must weigh the needs of staff against the needs of the business to find a happy medium. By establishing a culture of caring with everyone working together for the good of the company, balance can be achieved. This is not just a pipe dream. There are new approaches, in addition to standard ones, that businesses are taking to get the most from their employees and also ensure those employees feel seen and heard and their own professional goals are achieved.

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A LinkedIn study at the end of 2022 indicated that almost 70% of Gen Z and Millennial Americans said they planned to leave their jobs in 2023 and another survey conducted in February 2023 by CBS found that 75% of respondents planned to look for a new job over the next 12 months, up from 65% in 2022. So, while the so-called ‘Big Quit’ is thought to be tapering, there are still many workers wanting to change jobs, if they haven’t done so already. That said, turnover rate varies widely from state to state and even more so from company to company. Many factors play a role in turnover. A major factor that is specifically leading workers to yank the ripcord and bail from their jobs is toxic workplace culture and toxic leadership. What can business owners and managers do to ensure employees feel valued, and keep their organization’s turnover rate low?

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Low unemployment is generally considered a good thing, and the US unemployment rate is currently at 3.6% even after the Federal Reserve raised interest rates 11 times (for a total of 6%) in the last 18 months. But for employers, this means the US labor market is tight. Labor shortage is one of the top six challenges business owners say they face today. Barring some radical changes, filling job openings in the US will continue to be a challenge for the foreseeable future. Employee retention will remain key to business growth and success. What can companies do to retain their existing talent and maximize their productivity? A lot… and we don’t mean pay raises.

Here’s how. Continue reading →