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Job Growth- Are there Really Jobs Out There For Everyone?
In January 2019, the US economy added 304,000 jobs. Meanwhile, the unemployment rate is hovering around 4%. Essentially, almost everybody with the desire and the capability to work has a job and they can probably switch jobs with relative ease.
Here’s the concise summary: Job Growth vs Wage Growth
Job growth is a harbinger of a healthy economy. Then we have to contend with the challenge presented by the labor pool. It’s beginning to look like workforce availability is a bottleneck for business expansion.
How Do I Get Employees To Stay?
According to the Bureau of Labor Statistics, 3.6 percent of workers leave their place of employment each month. Many employers are focused on innovating the process for recruiting multitudes of new employees to offset turnover.
In our view, operating a business where employees want to stay makes recruiting much easier, increases agility, and makes the business more profitable. Employee retention saves money, increases productivity, and is the foundation for a strong culture.
Traditional workforce management approaches used today are failing as evidenced by double- digit and some triple- digit employee turnover percentages.
A survey by Paychex, a large payroll company, reports that 43 percent of workers who changed jobs cited they did not believe that their employers cared about them as an individual contributor.
People naturally want to work, to contribute to a meaningful goal, and to be the masters of their own destiny. Low-wage, economically fragile people are no exception. Tapping into this talent pool presents some special challenges and offers great rewards.
Fast Company Magazine correctly stated that advancement for low-income workers requires a combination of innovation, corporate commitment, and new attitudes.
Enabling economically fragile people to become successful employees expands the workforce and provides a rich source of talent and innovation. We have the results to prove it. Dasher is an example of a successful, for-profit business carefully and consciously developed to get a return on its investment of time and money to attract and engage with a workforce comprised of many low wage, economically fragile workers.
In next week’s blog titled, “Higher Pay for Low-Wage Workers Is Not Enough,” we explain the financial benefits of caring more about the quality of life experienced by low-wage economically fragile workers.
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You can also subscribe to Dasher’s video blog on LinkedIn, titled 90 Seconds. Each week we have a different guest talking about the importance of helping economically fragile workers be successful in their life and their career.